New Mexico Educational Retirement Board decreased its holdings in shares of Devon Energy Corp (NYSE:DVN) by 9.9% in the 1st quarter, HoldingsChannel reports. The fund owned 39,035 shares of the energy company’s stock after selling 4,300 shares during the period. New Mexico Educational Retirement Board’s holdings in Devon Energy were worth $1,232,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Winslow Evans & Crocker Inc. acquired a new position in Devon Energy during the fourth quarter worth about $26,000. Lindbrook Capital LLC acquired a new position in Devon Energy during the fourth quarter worth about $26,000. Meeder Asset Management Inc. raised its stake in Devon Energy by 94.6% during the first quarter. Meeder Asset Management Inc. now owns 823 shares of the energy company’s stock worth $26,000 after acquiring an additional 400 shares in the last quarter. Duncker Streett & Co. Inc. raised its stake in Devon Energy by 40.5% during the fourth quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the energy company’s stock worth $36,000 after acquiring an additional 461 shares in the last quarter. Finally, Lavaca Capital LLC raised its stake in Devon Energy by 566.0% during the first quarter. Lavaca Capital LLC now owns 1,332 shares of the energy company’s stock worth $42,000 after acquiring an additional 1,132 shares in the last quarter. 87.04% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on the company. Credit Suisse Group set a $36.00 target price on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Johnson Rice downgraded Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, January 8th. Ifs Securities reissued a “market perform” rating on shares of Devon Energy in a research note on Monday, February 11th. Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. Finally, ValuEngine raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company. Devon Energy currently has an average rating of “Hold” and an average target price of $45.35.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 19th. The energy company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.21). The firm had revenue of $3.71 billion for the quarter, compared to analyst estimates of $1.97 billion. Devon Energy had a net margin of 24.82% and a return on equity of 5.73%. During the same period in the prior year, the company posted $0.38 EPS. On average, sell-side analysts predict that Devon Energy Corp will post 1.69 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date is Thursday, June 13th. This is an increase from Devon Energy’s previous quarterly dividend of $0.08. Devon Energy’s dividend payout ratio is currently 24.81%.
In other news, Director Robert H. Henry bought 11,651 shares of the firm’s stock in a transaction on Wednesday, February 27th. The stock was acquired at an average price of $30.01 per share, with a total value of $349,646.51. Following the transaction, the director now owns 21,355 shares of the company’s stock, valued at approximately $640,863.55. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.55% of the company’s stock.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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