Kentucky Retirement Systems Sells 4,000 Shares of Devon Energy Co. (NYSE:DVN)

Kentucky Retirement Systems decreased its stake in Devon Energy Co. (NYSE:DVN) by 8.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,625 shares of the energy company’s stock after selling 4,000 shares during the quarter. Kentucky Retirement Systems’ holdings in Devon Energy were worth $1,707,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. Annex Advisory Services LLC boosted its stake in Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Devon Energy by 30.4% in the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock valued at $46,000 after buying an additional 226 shares in the last quarter. Archer Investment Corp raised its stake in Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after buying an additional 235 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in Devon Energy by 2.6% during the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after acquiring an additional 236 shares in the last quarter. Finally, Institute for Wealth Management LLC. lifted its holdings in shares of Devon Energy by 4.0% during the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock valued at $296,000 after purchasing an additional 237 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $38.77 on Tuesday. The stock has a market capitalization of $25.47 billion, a P/E ratio of 7.19, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The business’s 50 day simple moving average is $40.04 and its two-hundred day simple moving average is $44.24.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate 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 prior year, the company earned $1.65 earnings per share. Analysts forecast that Devon Energy Co. will post 4.84 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. UBS Group lowered their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. StockNews.com lowered Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Barclays cut their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Hold” and a consensus price target of $51.85.

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.