Pitcairn Co. Acquires 12,342 Shares of Devon Energy Co. (NYSE:DVN)

Pitcairn Co. raised its position in Devon Energy Co. (NYSE:DVN - Free Report) by 29.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 54,725 shares of the energy company's stock after buying an additional 12,342 shares during the period. Pitcairn Co.'s holdings in Devon Energy were worth $1,791,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC raised its stake in shares of Devon Energy by 39.8% during the third quarter. FMR LLC now owns 1,722,145 shares of the energy company's stock worth $67,370,000 after buying an additional 489,964 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in Devon Energy by 2,431.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 15,744 shares of the energy company's stock worth $616,000 after acquiring an additional 15,122 shares during the period. Ascent Group LLC bought a new stake in shares of Devon Energy during the 3rd quarter valued at $323,000. Hilltop Holdings Inc. lifted its stake in shares of Devon Energy by 8.6% in the 3rd quarter. Hilltop Holdings Inc. now owns 15,231 shares of the energy company's stock valued at $596,000 after purchasing an additional 1,210 shares during the period. Finally, Investment Management Corp of Ontario boosted its position in shares of Devon Energy by 48.3% in the 3rd quarter. Investment Management Corp of Ontario now owns 20,884 shares of the energy company's stock worth $817,000 after purchasing an additional 6,800 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Down 11.7 %

Shares of NYSE DVN traded down $3.87 during mid-day trading on Friday, hitting $29.30. The company had a trading volume of 23,066,739 shares, compared to its average volume of 8,196,832. Devon Energy Co. has a one year low of $29.07 and a one year high of $55.09. The company has a market capitalization of $19.01 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a 50-day simple moving average of $35.22 and a two-hundred day simple moving average of $36.72.

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Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (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 company had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. On average, equities analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is 21.05%.

Analyst Ratings Changes

Several research firms have weighed in on DVN. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Piper Sandler increased their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Raymond James decreased their price objective on shares of Devon Energy from $54.00 to $46.00 and set an "outperform" rating for the company in a report on Monday, March 10th. Sanford C. Bernstein upgraded shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a report on Wednesday, January 15th. Finally, Citigroup decreased their price target on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $48.17.

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.