Devon Energy Co. (NYSE:DVN) Stake Raised by Pinebridge Investments L.P.

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hurley Capital LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth $26,000. Cromwell Holdings LLC lifted its position in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after buying an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Devon Energy in the 4th quarter worth approximately $43,000. Endeavor Private Wealth Inc. bought a new position in shares of Devon Energy during the 4th quarter worth approximately $52,000. Finally, Thompson Investment Management Inc. lifted its position in Devon Energy by 60.0% during the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock valued at $52,000 after acquiring an additional 600 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Susquehanna lowered their price target on Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Royal Bank of Canada lowered their target price on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a research note on Monday, April 14th. StockNews.com raised shares of Devon Energy from a "sell" rating to a "hold" rating in a report on Friday, January 3rd. Raymond James set a $40.00 price objective on shares of Devon Energy in a report on Monday, April 21st. Finally, Wells Fargo & Company reduced their target price 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. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $44.83.

Devon Energy Stock Down 0.5 %

NYSE:DVN traded down $0.17 during mid-day trading on Tuesday, hitting $31.39. The company had a trading volume of 1,642,683 shares, compared to its average volume of 8,483,652. The firm has a market capitalization of $20.19 billion, a price-to-earnings ratio of 6.88, a PEG 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. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $53.20. The business has a fifty day simple moving average of $33.44 and a 200-day simple moving average of $35.28.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating 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. Equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal 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 issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, March 14th. 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 3.06%. Devon Energy's dividend payout ratio is 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.