Devon Energy Co. (NYSE:DVN) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board decreased its holdings in Devon Energy Co. (NYSE:DVN) by 69.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 362,009 shares of the energy company’s stock after selling 832,678 shares during the period. Canada Pension Plan Investment Board owned approximately 0.06% of Devon Energy worth $11,849,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Klein Pavlis & Peasley Financial Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $782,000. World Investment Advisors LLC increased its stake in shares of Devon Energy by 3,440.3% in the 3rd quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company’s stock worth $5,846,000 after acquiring an additional 145,216 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new position in shares of Devon Energy during the 4th quarter worth $5,967,000. New York State Teachers Retirement System boosted its position in shares of Devon Energy by 4.5% during the 4th quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company’s stock valued at $24,101,000 after acquiring an additional 31,520 shares during the last quarter. Finally, First Dallas Securities Inc. grew its holdings in shares of Devon Energy by 31.9% in the fourth quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company’s stock valued at $1,725,000 after purchasing an additional 12,760 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DVN. Wells Fargo & Company decreased their target price on shares of Devon Energy from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Raymond James lowered their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Friday, January 3rd. UBS Group lowered their price target on Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.71.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $30.29 on Monday. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $53.20. The firm has a market capitalization of $19.66 billion, a P/E ratio of 6.64, a P/E/G ratio of 1.20 and a beta of 1.50. 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 company’s fifty day moving average price is $33.92 and its 200 day moving average price is $35.76.

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

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy’s dividend payout ratio is presently 21.05%.

Devon Energy 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.