NorthRock Partners LLC Takes Position in Devon Energy Co. (NYSE:DVN)

NorthRock Partners LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,164 shares of the energy company’s stock, valued at approximately $365,000.

A number of other large investors have also made changes to their positions in the stock. Redwood Wealth Management Group LLC grew its position in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after purchasing an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC grew its position in shares of Devon Energy by 1.6% in the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after purchasing an additional 326 shares in the last quarter. Annex Advisory Services LLC grew its position in shares of Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after purchasing an additional 327 shares in the last quarter. Independence Bank of Kentucky grew its position in shares of Devon Energy by 7.8% in the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock valued at $150,000 after purchasing an additional 330 shares in the last quarter. Finally, Covestor Ltd grew its position in shares of Devon Energy by 15.9% in the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock valued at $83,000 after purchasing an additional 345 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada dropped their price target on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. Citigroup lowered their price objective on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Piper Sandler lowered their price objective on Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday. Raymond James set a $40.00 price objective on Devon Energy in a research report on Monday, April 21st. Finally, Wells Fargo & Company increased their price objective on Devon Energy from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.83.

Devon Energy Stock Down 0.4%

Shares of NYSE DVN opened at $33.26 on Friday. The stock has a market cap of $21.35 billion, a P/E ratio of 7.29, a PEG ratio of 1.20 and a beta of 1.00. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $50.24. The business’s fifty day simple moving average is $32.50 and its 200-day simple moving average is $34.57.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the previous year, the business posted $1.16 earnings per share. The firm’s revenue was up 23.8% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s dividend payout ratio is presently 21.87%.

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.