State Treasurer State of Michigan reduced its holdings in shares of Devon Energy Corp (NYSE:DVN) by 11.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,063 shares of the energy company’s stock after selling 17,500 shares during the period. State Treasurer State of Michigan’s holdings in Devon Energy were worth $3,022,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Winslow Evans & Crocker Inc. bought a new stake in Devon Energy during the fourth quarter valued at approximately $26,000. Duncker Streett & Co. Inc. grew its position in Devon Energy by 40.5% during the fourth quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the energy company’s stock valued at $36,000 after buying an additional 461 shares during the period. NuWave Investment Management LLC grew its position in Devon Energy by 742.0% during the fourth quarter. NuWave Investment Management LLC now owns 3,528 shares of the energy company’s stock valued at $80,000 after buying an additional 3,109 shares during the period. Atlas Capital Advisors LLC bought a new stake in Devon Energy during the third quarter valued at approximately $119,000. Finally, First Interstate Bank grew its position in Devon Energy by 74.2% during the fourth quarter. First Interstate Bank now owns 6,455 shares of the energy company’s stock valued at $145,000 after buying an additional 2,750 shares during the period. 82.79% of the stock is owned by institutional investors.

DVN stock opened at $25.44 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.65. Devon Energy Corp has a twelve month low of $20.37 and a twelve month high of $46.54. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 40.38, a PEG ratio of 1.52 and a beta of 2.23.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 50.79%.

DVN has been the topic of several analyst reports. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday, October 16th. Mitsubishi UFJ Financial Group lifted their price target on shares of Devon Energy from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Wednesday, October 17th. Seaport Global Securities reaffirmed a “buy” rating on shares of Devon Energy in a report on Wednesday, October 17th. Capital One Financial raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, October 24th. They noted that the move was a valuation call. Finally, Credit Suisse Group set a $45.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Wednesday, November 7th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $46.36.

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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 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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