Cornerstone Wealth Management LLC Purchases 1,284 Shares of Devon Energy Corporation (NYSE:DVN)

Cornerstone Wealth Management LLC lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 6.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,526 shares of the energy company’s stock after purchasing an additional 1,284 shares during the period. Cornerstone Wealth Management LLC’s holdings in Devon Energy were worth $842,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after buying an additional 5,465,692 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $154,170,000. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after acquiring an additional 3,114,656 shares during the last quarter. Marshall Wace LLP raised its stake in Devon Energy by 135.5% in the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock valued at $175,810,000 after acquiring an additional 3,090,585 shares during the period. Finally, Invesco Ltd. lifted its holdings in Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $34.02 on Friday. The firm’s 50 day simple moving average is $31.79 and its 200 day simple moving average is $33.56. The firm has a market capitalization of $21.84 billion, a price-to-earnings ratio of 7.75, a P/E/G ratio of 2.54 and a beta of 1.02. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the business posted $1.16 EPS. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.82%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Analysts Set New Price Targets

Several research firms have commented on DVN. Citigroup decreased their price objective on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. The Goldman Sachs Group upped their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Williams Trading set a $50.00 price objective on shares of Devon Energy in a research report on Wednesday, March 5th. Scotiabank decreased their target price on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Finally, Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $43.50.

About Devon Energy

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.