State of Michigan Retirement System Buys 20,500 Shares of Devon Energy Co. (NYSE:DVN)

State of Michigan Retirement System grew its holdings in Devon Energy Co. (NYSE:DVN) by 12.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 190,991 shares of the energy company’s stock after buying an additional 20,500 shares during the period. State of Michigan Retirement System’s holdings in Devon Energy were worth $6,251,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DVN. National Pension Service boosted its holdings in Devon Energy by 34.7% in the third quarter. National Pension Service now owns 1,185,265 shares of the energy company’s stock worth $46,368,000 after acquiring an additional 305,486 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Devon Energy by 1.0% in the third quarter. Asset Management One Co. Ltd. now owns 243,247 shares of the energy company’s stock worth $9,516,000 after acquiring an additional 2,363 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Devon Energy by 2.8% in the third quarter. QRG Capital Management Inc. now owns 23,515 shares of the energy company’s stock worth $920,000 after acquiring an additional 630 shares in the last quarter. Crescent Grove Advisors LLC acquired a new stake in shares of Devon Energy during the third quarter worth about $403,000. Finally, Radnor Capital Management LLC lifted its holdings in shares of Devon Energy by 14.4% during the third quarter. Radnor Capital Management LLC now owns 19,955 shares of the energy company’s stock worth $781,000 after purchasing an additional 2,505 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $33.81 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business’s 50 day moving average price is $35.12 and its 200-day moving average price is $37.82. The firm has a market capitalization of $21.94 billion, a PE ratio of 7.41, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, equities research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.84%. Devon Energy’s payout ratio is currently 21.05%.

Analyst Ratings Changes

DVN has been the subject of a number of research reports. Raymond James lifted their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a report on Thursday, December 5th. Benchmark reiterated a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Wells Fargo & Company reduced their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Finally, Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $48.87.

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.