New Mexico Educational Retirement Board Grows Stake in Devon Energy Corporation $DVN

New Mexico Educational Retirement Board raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 99.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,119 shares of the energy company’s stock after acquiring an additional 29,034 shares during the period. New Mexico Educational Retirement Board’s holdings in Devon Energy were worth $2,401,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Tobam raised its position in Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after purchasing an additional 230 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after acquiring an additional 236 shares in the last quarter. Retirement Planning Group LLC lifted its stake in Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after acquiring an additional 243 shares during the period. JFS Wealth Advisors LLC grew its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares in the last quarter. Finally, Catalyst Financial Partners LLC grew its holdings in Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after acquiring an additional 254 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent research reports. Capital One Financial reduced their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Mizuho increased their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. UBS Group dropped their price objective on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Finally, Argus restated a “buy” rating and set a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Stock Up 0.6%

DVN stock opened at $47.42 on Friday. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The company has a market capitalization of $52.16 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. The firm’s fifty day simple moving average is $44.19 and its 200-day simple moving average is $45.62.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter last year, the company earned $0.84 EPS. The business’s revenue was up 73.1% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Insider Activity at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.58% of the stock is owned by company insiders.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.