Sourcerock Group LLC Takes $25.69 Million Position in Devon Energy Co. (NYSE:DVN)

Sourcerock Group LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 785,000 shares of the energy company’s stock, valued at approximately $25,693,000. Devon Energy comprises 1.8% of Sourcerock Group LLC’s holdings, making the stock its 13th largest holding.

Several other large investors have also recently bought and sold shares of DVN. Hurley Capital LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth $26,000. Accredited Wealth Management LLC purchased a new stake in Devon Energy during the fourth quarter worth about $28,000. Cromwell Holdings LLC grew its position in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC purchased a new position in Devon Energy in the fourth quarter valued at about $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in Devon Energy in the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on DVN shares. Barclays upped their price target on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. Royal Bank of Canada lowered their target price on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Susquehanna lowered their price target on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Raymond James set a $40.00 target price on Devon Energy in a research report on Monday, April 21st. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.83.

Devon Energy Price Performance

Devon Energy stock opened at $33.26 on Monday. The firm has a fifty day moving average of $32.50 and a 200-day moving average of $34.51. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $50.24. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $21.35 billion, a P/E ratio of 7.29, a PEG ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results 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 prior year, the company posted $1.16 earnings per share. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.89%. Devon Energy’s dividend payout ratio (DPR) is currently 21.87%.

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.