Devon Energy Co. (NYSE:DVN) Shares Acquired by Pitcairn Co.

Pitcairn Co. boosted its stake in Devon Energy Co. (NYSE:DVN) by 99.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 42,383 shares of the energy company’s stock after acquiring an additional 21,083 shares during the quarter. Pitcairn Co.’s holdings in Devon Energy were worth $1,658,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. William B. Walkup & Associates Inc. purchased a new stake in shares of Devon Energy during the second quarter worth about $1,026,000. CIBC Asset Management Inc increased its stake in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares in the last quarter. Smead Capital Management Inc. raised its holdings in shares of Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after acquiring an additional 198,193 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new position in shares of Devon Energy in the third quarter valued at approximately $592,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Devon Energy in the second quarter worth approximately $711,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $39.45 on Friday. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a 50 day moving average price of $39.94 and a 200 day moving average price of $43.95. The stock has a market capitalization of $25.91 billion, a P/E ratio of 7.32, a PEG ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $1.65 earnings per share. Equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.23%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Ratings Changes

DVN has been the subject of several recent research reports. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Evercore ISI decreased their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Susquehanna dropped their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Raymond James decreased their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Finally, TD Cowen dropped their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and an average target price of $51.85.

About Devon Energy

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.