Penobscot Investment Management Company Inc. Boosts Stake in Devon Energy Co. (NYSE:DVN)

Penobscot Investment Management Company Inc. grew its stake in Devon Energy Co. (NYSE:DVN) by 151.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,902 shares of the energy company’s stock after buying an additional 7,772 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Devon Energy were worth $584,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Lord Abbett & CO. LLC increased its stake in shares of Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after acquiring an additional 73,570 shares during the period. Nordea Investment Management AB increased its stake in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after acquiring an additional 9,823 shares during the period. Atria Investments Inc increased its stake in shares of Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after acquiring an additional 21,400 shares during the period. Pearl River Capital LLC increased its stake in shares of Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after acquiring an additional 58,997 shares during the period. Finally, Argent Trust Co increased its stake in shares of Devon Energy by 22.1% in the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after acquiring 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

DVN opened at $51.18 on Wednesday. The firm has a market capitalization of $32.50 billion, a PE ratio of 8.78 and a beta of 2.19. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The firm’s 50-day moving average price is $49.07 and its 200 day moving average price is $46.22. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.66 EPS. As a group, sell-side analysts expect that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.44%. Devon Energy’s payout ratio is 15.09%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DVN. Stifel Nicolaus lifted their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Piper Sandler lifted their price objective 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. Mizuho cut their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. JPMorgan Chase & Co. boosted their target price on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, Susquehanna boosted their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $58.33.

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.