Pegasus Asset Management Inc. Has $2.91 Million Stake in Devon Energy Co. (NYSE:DVN)

Pegasus Asset Management Inc. lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 2.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,293 shares of the energy company’s stock after purchasing an additional 2,031 shares during the quarter. Devon Energy accounts for about 1.1% of Pegasus Asset Management Inc.’s portfolio, making the stock its 29th biggest position. Pegasus Asset Management Inc.’s holdings in Devon Energy were worth $2,906,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Salem Investment Counselors Inc. lifted its holdings in Devon Energy by 31.4% during 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 during the last quarter. Retirement Group LLC grew its stake in shares of Devon Energy by 21.8% in the first 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 in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC increased its position in Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after acquiring an additional 215 shares during the period. Finally, Annex Advisory Services LLC raised its stake 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 purchasing an additional 223 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Morgan Stanley cut their target price 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. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Finally, Truist Financial reduced their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $52.53.

Devon Energy Trading Up 0.5 %

Shares of DVN stock traded up $0.22 during trading hours on Tuesday, hitting $40.30. 2,515,659 shares of the company’s stock traded hands, compared to its average volume of 7,325,804. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The stock has a market cap of $25.47 billion, a PE ratio of 7.70, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The stock’s 50 day simple moving average is $42.05 and its 200 day simple moving average is $46.14.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 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 for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the business posted $1.18 earnings per share. The firm’s revenue was up 13.4% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current year.

Devon Energy Announces Dividend

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

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.