State of New Jersey Common Pension Fund D Sells 30,000 Shares of Devon Energy Corp (NYSE:DVN)
State of New Jersey Common Pension Fund D decreased its holdings in Devon Energy Corp (NYSE:DVN) by 2.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,100,000 shares of the energy company’s stock after selling 30,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Devon Energy were worth $31,372,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Cerebellum GP LLC boosted its holdings in shares of Devon Energy by 14.0% in the 2nd quarter. Cerebellum GP LLC now owns 12,311 shares of the energy company’s stock valued at $351,000 after purchasing an additional 1,513 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Devon Energy by 72.1% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 531,376 shares of the energy company’s stock valued at $15,153,000 after purchasing an additional 222,663 shares in the last quarter. Bourgeon Capital Management LLC acquired a new stake in shares of Devon Energy in the 2nd quarter valued at $539,000. Mengis Capital Management Inc. acquired a new stake in shares of Devon Energy in the 2nd quarter valued at $285,000. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its holdings in shares of Devon Energy by 120.2% in the 2nd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 40,023 shares of the energy company’s stock valued at $1,135,000 after purchasing an additional 21,846 shares in the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.
A number of equities research analysts have weighed in on the company. Wells Fargo & Co downgraded Occidental Petroleum from an “outperform” rating to a “market perform” rating in a report on Monday, May 20th. ValuEngine raised Zimmer Biomet from a “hold” rating to a “buy” rating in a report on Saturday. Royal Bank of Canada set a $42.00 target price on Devon Energy and gave the company a “hold” rating in a report on Thursday, May 2nd. Zacks Investment Research downgraded Genprex from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. Finally, SunTrust Banks raised their target price on Athenex to $30.00 and gave the company a “buy” rating in a report on Tuesday. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the stock. Devon Energy has a consensus rating of “Hold” and an average target price of $41.83.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, April 30th. The energy company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.06. Devon Energy had a return on equity of 7.12% and a net margin of 29.33%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the prior year, the company earned $0.20 EPS. On average, research analysts predict that Devon Energy Corp will post 1.46 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Thursday, September 12th. Devon Energy’s payout ratio is 27.91%.
In other news, CAO Jeremy D. Humphers sold 4,000 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $25.40, for a total value of $101,600.00. Following the completion of the transaction, the chief accounting officer now directly owns 81,914 shares in the company, valued at approximately $2,080,615.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.63% of the stock is currently owned by corporate insiders.
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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