California State Teachers Retirement System Reduces Stake in Devon Energy Co. (NYSE:DVN)

California State Teachers Retirement System reduced its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 859,201 shares of the energy company’s stock after selling 33,274 shares during the quarter. California State Teachers Retirement System owned about 0.14% of Devon Energy worth $43,115,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of DVN. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at $28,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the 1st quarter valued at $30,000. Jones Financial Companies Lllp boosted its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the period. PFS Partners LLC purchased a new stake in shares of Devon Energy in the 4th quarter worth about $36,000. Finally, Naples Money Management LLC bought a new position in shares of Devon Energy in the 4th quarter worth about $40,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.73% of the company’s stock.

Devon Energy Stock Performance

Devon Energy stock traded up $0.86 during mid-day trading on Wednesday, hitting $47.03. The company had a trading volume of 6,686,202 shares, compared to its average volume of 7,154,108. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company’s fifty day moving average is $47.00 and its 200-day moving average is $47.18. The company has a market capitalization of $29.72 billion, a price-to-earnings ratio of 8.98, a P/E/G ratio of 0.76 and a beta of 2.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. Equities research analysts predict that Devon Energy Co. will post 5.4 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on DVN shares. Truist Financial reduced their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. UBS Group lifted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $60.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 23rd. Sanford C. Bernstein reduced their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Finally, Mizuho lifted their price objective on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.13.

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.