Pinnacle Associates Ltd. Acquires 28,788 Shares of Devon Energy Co. (NYSE:DVN)

Pinnacle Associates Ltd. grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 25.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 141,098 shares of the energy company’s stock after purchasing an additional 28,788 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Devon Energy were worth $5,520,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Triad Wealth Partners LLC bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $34,000. PSI Advisors LLC boosted its holdings in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in the last quarter. LRI Investments LLC bought a new position in shares of Devon Energy during the 1st quarter worth approximately $39,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Devon Energy in the 3rd quarter worth $39,000. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Jefferies Financial Group assumed coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Finally, Barclays cut their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Trading Up 0.9 %

Shares of Devon Energy stock opened at $38.69 on Friday. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The firm has a market cap of $24.23 billion, a PE ratio of 7.02, a P/E/G ratio of 1.22 and a beta of 2.02. The stock has a fifty day moving average price of $41.26 and a 200-day moving average price of $45.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the firm posted $1.18 EPS. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities research analysts anticipate that Devon Energy Co. will post 4.98 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.27%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is currently 15.97%.

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.