Pittenger & Anderson Inc. Raises Holdings in Devon Energy Co. (NYSE:DVN)

Pittenger & Anderson Inc. boosted its position in Devon Energy Co. (NYSE:DVN) by 2,222.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,090 shares of the energy company’s stock after acquiring an additional 2,000 shares during the period. Pittenger & Anderson Inc.’s holdings in Devon Energy were worth $95,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lord Abbett & CO. LLC lifted its position in Devon Energy by 15.5% during the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after purchasing an additional 73,570 shares during the period. Nordea Investment Management AB raised its holdings in Devon Energy by 2.7% in the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after buying an additional 9,823 shares during the period. Atria Investments Inc boosted its position in shares of Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after buying an additional 21,400 shares during the period. Pearl River Capital LLC boosted its position in Devon Energy by 367.7% in the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares during the period. Finally, Argent Trust Co increased its stake in shares of Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after buying an additional 15,715 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock traded up $0.15 on Friday, hitting $52.76. 2,615,968 shares of the stock traded hands, compared to its average volume of 7,831,123. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company’s fifty day moving average is $48.70 and its 200 day moving average is $46.13. The company has a market capitalization of $33.50 billion, a PE ratio of 8.97 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $1.66 EPS. Devon Energy’s revenue was down 3.6% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Scotiabank lifted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Piper Sandler boosted their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Raymond James cut their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Finally, Citigroup increased their price target on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

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.