Pinebridge Investments L.P. Acquires 57,229 Shares of Devon Energy Co. (NYSE:DVN)

Pinebridge Investments L.P. boosted its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 22.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 306,876 shares of the energy company's stock after purchasing an additional 57,229 shares during the quarter. Pinebridge Investments L.P.'s holdings in Devon Energy were worth $10,044,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hurley Capital LLC acquired a new stake in Devon Energy in the fourth quarter valued at $26,000. Cromwell Holdings LLC raised its stake in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy in the 4th quarter valued at $43,000. Endeavor Private Wealth Inc. purchased a new position in Devon Energy during the 4th quarter worth $52,000. Finally, Thompson Investment Management Inc. lifted its stake in shares of Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock worth $52,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

DVN has been the topic of several research analyst reports. StockNews.com upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Friday, January 3rd. UBS Group decreased their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company dropped their price objective on Devon Energy from $46.00 to $44.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a report on Thursday, February 20th. Finally, Susquehanna cut their price target on Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.83.

Devon Energy Trading Up 0.6 %

DVN stock traded up $0.20 during trading on Monday, hitting $31.55. The company had a trading volume of 4,029,538 shares, compared to its average volume of 8,510,623. The stock has a market cap of $20.48 billion, a price-to-earnings ratio of 6.92, a PEG ratio of 1.20 and a beta of 1.50. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $33.56 and a 200-day moving average price of $35.36. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $53.20.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. As a group, analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.24 per share. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Friday, March 14th. Devon Energy's payout ratio is presently 21.05%.

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.