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

Pitcairn Co. raised its stake in Devon Energy Co. (NYSE:DVN) by 99.0% during the third quarter, Holdings Channel.com reports. The firm owned 42,383 shares of the energy company’s stock after purchasing 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 SEC filing.

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

Analyst Ratings Changes

DVN has been the topic of a number of analyst reports. BMO Capital Markets cut their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Wells Fargo & Company lowered their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, StockNews.com downgraded shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Hold” and an average price target of $51.85.

Devon Energy Price Performance

Devon Energy stock opened at $39.45 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The business has a 50 day simple moving average of $39.94 and a 200-day simple moving average of $43.95. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The stock has a market capitalization of $25.91 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

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

Devon Energy Announces Dividend

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

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.