New York State Common Retirement Fund Trims Holdings in Devon Energy Co. (NYSE:DVN)

New York State Common Retirement Fund lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 18.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 618,016 shares of the energy company’s stock after selling 138,156 shares during the period. New York State Common Retirement Fund owned about 0.10% of Devon Energy worth $27,996,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Avior Wealth Management LLC raised its position in shares of Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after acquiring an additional 207 shares in the last quarter. Czech National Bank raised its position in shares of Devon Energy by 47.4% in the 3rd quarter. Czech National Bank now owns 111,982 shares of the energy company’s stock worth $5,342,000 after acquiring an additional 36,002 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of Devon Energy by 0.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 254,152 shares of the energy company’s stock worth $12,123,000 after acquiring an additional 1,617 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Devon Energy by 105.3% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 9,518 shares of the energy company’s stock worth $454,000 after buying an additional 4,882 shares during the last quarter. Finally, Oak Harbor Wealth Partners LLC grew its stake in shares of Devon Energy by 9.4% in the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 29,561 shares of the energy company’s stock worth $1,410,000 after buying an additional 2,545 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Piper Sandler upped their price target on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Mizuho cut their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Susquehanna upped their price target on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Morgan Stanley upped their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Stock Performance

DVN stock opened at $52.72 on Friday. The company has a market cap of $33.48 billion, a P/E ratio of 9.04 and a beta of 2.19. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The stock’s fifty day moving average price is $48.88 and its 200-day moving average price is $46.18.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the business posted $1.66 EPS. On average, equities analysts forecast that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.34%. Devon Energy’s dividend payout ratio is currently 15.09%.

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.