Devon Energy Corporation (NYSE:DVN) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lowered its stake in shares of Devon Energy Corporation (NYSE:DVN) by 49.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,778 shares of the energy company’s stock after selling 15,613 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Devon Energy were worth $590,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after acquiring an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after acquiring an additional 3,114,656 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after acquiring an additional 2,335,473 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Devon Energy by 2.4% during the fourth quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company’s stock valued at $204,914,000 after acquiring an additional 144,789 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of several recent analyst reports. Royal Bank Of Canada cut their price objective on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Mizuho dropped their target price on Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Bank of America dropped their target price on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Susquehanna dropped their target price on Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. Finally, Wall Street Zen upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $43.50.

Devon Energy Trading Down 0.6%

Devon Energy stock opened at $33.20 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35. The stock’s 50 day simple moving average is $32.37 and its two-hundred day simple moving average is $33.40. The firm has a market cap of $21.32 billion, a PE ratio of 7.56, a P/E/G ratio of 2.49 and a beta of 1.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the prior year, the company posted $1.16 EPS. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. Analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.89%. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

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.