Retirement Systems of Alabama Sells 3,377 Shares of Devon Energy Corporation $DVN

Retirement Systems of Alabama lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 2.4% in the second quarter, Holdings Channel.com reports. The fund owned 137,784 shares of the energy company’s stock after selling 3,377 shares during the period. Retirement Systems of Alabama’s holdings in Devon Energy were worth $4,383,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SVB Wealth LLC grew its stake in Devon Energy by 4.1% in the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after purchasing an additional 321 shares during the period. Yousif Capital Management LLC grew its stake in Devon Energy by 0.4% in the second quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock worth $2,776,000 after purchasing an additional 321 shares during the period. MAS Advisors LLC grew its stake in Devon Energy by 4.3% in the second quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock worth $253,000 after purchasing an additional 327 shares during the period. Whittier Trust Co. grew its stake in Devon Energy by 24.3% in the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after purchasing an additional 377 shares during the period. Finally, Callan Family Office LLC grew its stake in Devon Energy by 3.7% in the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after purchasing an additional 377 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.8%

NYSE DVN opened at $32.57 on Wednesday. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $40.54. The stock has a market cap of $20.68 billion, a P/E ratio of 7.30, a P/E/G ratio of 2.49 and a beta of 1.03. The stock’s fifty day moving average price is $34.15 and its 200-day moving average price is $33.23. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period last year, the firm posted $1.41 earnings per share. Devon Energy’s revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.71% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on DVN shares. Roth Capital started coverage on Devon Energy in a research note on Monday, October 13th. They issued a “buy” rating and a $42.00 price target on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $45.00 price target (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Devon Energy in a research note on Wednesday, October 8th. Mizuho reduced their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Finally, Piper Sandler cut their target price on Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.04.

Devon Energy Company Profile

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.