Pittenger & Anderson Inc. Buys 2,000 Shares of Devon Energy Co. (NYSE:DVN)

Pittenger & Anderson Inc. raised its stake in Devon Energy Co. (NYSE:DVN) by 2,222.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,090 shares of the energy company’s stock after buying an additional 2,000 shares during the period. Pittenger & Anderson Inc.’s holdings in Devon Energy were worth $95,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy during the 3rd quarter valued at approximately $27,000. Sound Income Strategies LLC increased its position in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC raised its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the last quarter. PFS Partners LLC acquired a new position in Devon Energy in the fourth quarter valued at $36,000. Finally, Naples Money Management LLC bought a new stake in Devon Energy during the fourth quarter valued at $40,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DVN. Mizuho lowered their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Raymond James lowered their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Stifel Nicolaus boosted their target price on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Stock Up 0.3 %

Devon Energy stock traded up $0.15 during trading on Friday, hitting $52.76. 2,615,968 shares of the company were exchanged, compared to its average volume of 7,831,123. The company has a market capitalization of $33.50 billion, a P/E ratio of 8.97 and a beta of 2.19. The business’s 50 day moving average is $48.70 and its 200 day moving average is $46.13. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the business posted $1.66 EPS. The business’s revenue was down 3.6% compared to the same quarter last year. Analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. Devon Energy’s dividend payout ratio is currently 15.09%.

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.