Pegasus Asset Management Inc. Acquires 2,031 Shares of Devon Energy Co. (NYSE:DVN)

Pegasus Asset Management Inc. lifted its position in Devon Energy Co. (NYSE:DVN) by 2.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 74,293 shares of the energy company’s stock after acquiring an additional 2,031 shares during the quarter. Devon Energy comprises approximately 1.1% of Pegasus Asset Management Inc.’s portfolio, making the stock its 29th largest holding. Pegasus Asset Management Inc.’s holdings in Devon Energy were worth $2,906,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Salem Investment Counselors Inc. lifted its stake in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares in the last quarter. Retirement Group LLC boosted its position in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after acquiring an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after buying an additional 209 shares during the last quarter. MCF Advisors LLC lifted its position in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC lifted its position in Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after buying an additional 223 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Scotiabank decreased their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Barclays reduced their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. JPMorgan Chase & Co. cut their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Sanford C. Bernstein dropped their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Stock Up 0.5 %

Shares of Devon Energy stock traded up $0.22 during trading on Tuesday, reaching $40.30. The company’s stock had a trading volume of 2,515,659 shares, compared to its average volume of 7,325,804. The company has a 50-day simple moving average of $42.05 and a two-hundred day simple moving average of $46.14. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a market cap of $25.47 billion, a price-to-earnings ratio of 7.70, a P/E/G ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the firm posted $1.18 EPS. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.18%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

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.