Peapack Gladstone Financial Corp Raises Holdings in Devon Energy Co. (NYSE:DVN)

Peapack Gladstone Financial Corp lifted its stake in Devon Energy Co. (NYSE:DVN) by 13.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 137,427 shares of the energy company’s stock after purchasing an additional 15,929 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Devon Energy were worth $5,377,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in Devon Energy in the 3rd quarter worth $230,928,000. International Assets Investment Management LLC lifted its position in Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. grew its stake in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock opened at $33.86 on Friday. The stock has a market capitalization of $22.24 billion, a P/E ratio of 6.28, a P/E/G ratio of 1.10 and a beta of 1.99. The company’s fifty day moving average price is $38.75 and its 200 day moving average price is $42.62. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a 1 year low of $33.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business earned $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.60%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analysts Set New Price Targets

DVN has been the subject of several research analyst reports. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. Mizuho cut their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Susquehanna decreased their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Barclays cut their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Jefferies Financial Group assumed coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.75.

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.