Kentucky Retirement Systems Insurance Trust Fund Sells 1,845 Shares of Devon Energy Co. (NYSE:DVN)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in Devon Energy Co. (NYSE:DVN) by 9.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 18,540 shares of the energy company’s stock after selling 1,845 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Devon Energy were worth $725,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy in the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the 2nd quarter worth $34,000. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the 3rd quarter valued at about $35,000. PSI Advisors LLC lifted its holdings in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Devon Energy during the first quarter worth about $39,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley reduced their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Piper Sandler boosted their price target on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday. StockNews.com downgraded Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Barclays decreased their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company cut their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $51.85.

Devon Energy Trading Up 0.8 %

DVN opened at $38.77 on Tuesday. 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 Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The stock has a market capitalization of $25.47 billion, a price-to-earnings ratio of 7.19, a P/E/G ratio of 1.20 and a beta of 2.03. The company has a 50-day simple moving average of $40.04 and a 200 day simple moving average of $44.24.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate 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 net margin of 21.71% and a return on equity of 24.73%. The company’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 earnings per share. Analysts predict that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Announces Dividend

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

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.