Pinnacle Associates Ltd. Grows Stock Holdings in Devon Energy Corporation (NYSE:DVN)

Pinnacle Associates Ltd. increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 1.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 105,947 shares of the energy company’s stock after buying an additional 1,455 shares during the period. Pinnacle Associates Ltd.’s holdings in Devon Energy were worth $3,962,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. purchased a new stake in Devon Energy during the fourth quarter worth about $5,967,000. Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in Devon Energy by 10.8% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock worth $10,210,000 after buying an additional 26,519 shares in the last quarter. Merit Financial Group LLC boosted its holdings in Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock worth $848,000 after buying an additional 15,351 shares in the last quarter. Aviva PLC lifted its holdings in shares of Devon Energy by 767.3% in the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company’s stock valued at $12,339,000 after purchasing an additional 333,530 shares in the last quarter. Finally, Autumn Glory Partners LLC lifted its holdings in shares of Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock valued at $1,547,000 after purchasing an additional 20,000 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Barclays upped their price target on shares of Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Bank of America reduced their price target on shares of Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Mizuho reduced their price target on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Jefferies Financial Group upped their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group upped their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $43.85.

Devon Energy Stock Performance

NYSE:DVN opened at $32.95 on Friday. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $47.44. The firm’s 50 day moving average is $32.75 and its two-hundred day moving average is $33.52. The company has a market cap of $21.15 billion, a P/E ratio of 7.50, a P/E/G ratio of 1.89 and a beta of 1.02. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the previous year, the company earned $1.16 EPS. Devon Energy’s revenue was up 23.8% on a year-over-year basis. Analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy’s payout ratio is currently 21.87%.

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.