Municipal Employees Retirement System of Michigan Cuts Stake in Devon Energy Corporation (DVN)

Municipal Employees Retirement System of Michigan lowered its stake in shares of Devon Energy Corporation (NYSE:DVN) by 18.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,580 shares of the energy company’s stock after selling 3,170 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Devon Energy were worth $499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Point View Wealth Management Inc. grew its stake in Devon Energy by 1.2% during the 2nd quarter. Point View Wealth Management Inc. now owns 8,334 shares of the energy company’s stock valued at $266,000 after acquiring an additional 95 shares in the last quarter. Wedbush Securities Inc. grew its stake in Devon Energy by 1.1% during the 2nd quarter. Wedbush Securities Inc. now owns 9,286 shares of the energy company’s stock valued at $297,000 after acquiring an additional 99 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in Devon Energy by 3.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 6,491 shares of the energy company’s stock valued at $208,000 after acquiring an additional 222 shares in the last quarter. Sterneck Capital Management LLC grew its stake in Devon Energy by 4.5% during the 2nd quarter. Sterneck Capital Management LLC now owns 6,518 shares of the energy company’s stock valued at $208,000 after acquiring an additional 283 shares in the last quarter. Finally, Nippon Life Insurance Co. grew its stake in Devon Energy by 1.2% during the 2nd quarter. Nippon Life Insurance Co. now owns 25,656 shares of the energy company’s stock valued at $820,000 after acquiring an additional 307 shares in the last quarter. 77.64% of the stock is owned by institutional investors and hedge funds.

Devon Energy Corporation (DVN) opened at $38.38 on Wednesday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87. Devon Energy Corporation has a fifty-two week low of $28.79 and a fifty-two week high of $50.69. The company has a market cap of $20,286.00, a P/E ratio of 26.47, a PEG ratio of 1.22 and a beta of 2.21.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business posted $1.89 EPS. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. research analysts anticipate that Devon Energy Corporation will post 1.77 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.63%. Devon Energy’s dividend payout ratio is currently 8.19%.

Several equities analysts have weighed in on DVN shares. Barclays reiterated an “overweight” rating and issued a $35.00 target price (up from $31.00) on shares of Devon Energy in a report on Wednesday, August 9th. Citigroup reiterated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. Cowen reiterated a “buy” rating and issued a $40.00 target price on shares of Devon Energy in a report on Thursday, September 28th. Scotiabank set a $50.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Saturday, November 25th. Finally, BMO Capital Markets set a $45.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $46.56.

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Devon Energy Profile

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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