Retirement Systems of Alabama Reduces Position in Devon Energy Co. (NYSE:DVN)

Retirement Systems of Alabama lowered its holdings in Devon Energy Co. (NYSE:DVN) by 1.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 137,869 shares of the energy company’s stock after selling 1,544 shares during the period. Retirement Systems of Alabama’s holdings in Devon Energy were worth $5,393,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of DVN. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy during the 2nd quarter valued at approximately $34,000. Capital Performance Advisors LLP acquired a new stake in Devon Energy in the third quarter valued at $35,000. PSI Advisors LLC boosted its stake in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in Devon Energy during the 3rd quarter worth $39,000. Finally, True Wealth Design LLC increased its position in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $31.10 on Thursday. Devon Energy Co. has a 52-week low of $31.07 and a 52-week high of $55.09. The firm has a market capitalization of $20.43 billion, a PE ratio of 5.77, a P/E/G ratio of 1.10 and a beta of 1.99. The firm has a 50-day moving average price of $38.14 and a 200 day moving average price of $42.24. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.65 earnings per share. On average, sell-side analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.83%. Devon Energy’s dividend payout ratio is currently 16.33%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on DVN shares. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Scotiabank decreased their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Hold” and an average target price of $50.05.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.