Penobscot Investment Management Company Inc. Has $584,000 Position in Devon Energy Co. (NYSE:DVN)

Penobscot Investment Management Company Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 151.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 12,902 shares of the energy company’s stock after purchasing an additional 7,772 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Devon Energy were worth $584,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. SVB Wealth LLC lifted its stake in shares of Devon Energy by 5.6% in the 3rd quarter. SVB Wealth LLC now owns 8,105 shares of the energy company’s stock valued at $387,000 after purchasing an additional 430 shares during the period. Pinnacle Associates Ltd. grew its position in shares of Devon Energy by 2.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 146,894 shares of the energy company’s stock worth $7,007,000 after buying an additional 4,120 shares during the period. Financial Management Network Inc. bought a new stake in shares of Devon Energy in the 3rd quarter valued at $265,000. Raymond James & Associates boosted its stake in Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after acquiring an additional 402,055 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Devon Energy by 4.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,461,956 shares of the energy company’s stock worth $212,835,000 after purchasing an additional 187,176 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on DVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Susquehanna lifted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Stifel Nicolaus upped their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Scotiabank boosted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Finally, Piper Sandler raised their price target on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Trading Down 3.6 %

NYSE:DVN opened at $51.18 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a market cap of $32.50 billion, a P/E ratio of 8.78 and a beta of 2.19. The stock’s fifty day moving average price is $49.07 and its two-hundred day moving average price is $46.22.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the business posted $1.66 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, analysts expect that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.44%. Devon Energy’s dividend payout ratio is presently 15.09%.

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.