Cornerstone Wealth Management LLC Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Cornerstone Wealth Management LLC raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 13.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 20,916 shares of the energy company’s stock after purchasing an additional 2,524 shares during the period. Cornerstone Wealth Management LLC’s holdings in Devon Energy were worth $818,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. William B. Walkup & Associates Inc. purchased a new position in Devon Energy during the 2nd quarter valued at about $1,026,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the 1st quarter worth about $30,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Devon Energy during the 2nd quarter worth about $711,000. MCF Advisors LLC boosted its stake in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the last quarter. Finally, Mather Group LLC. acquired a new stake in shares of Devon Energy during the 1st quarter worth about $121,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on DVN. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday. Barclays decreased their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, Wolfe Research began coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $52.58.

Devon Energy Trading Down 0.3 %

DVN opened at $40.57 on Friday. The firm has a market capitalization of $25.64 billion, a P/E ratio of 7.74, a P/E/G ratio of 1.27 and a beta of 2.02. The firm’s 50 day moving average is $42.24 and its 200-day moving average is $46.39. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. 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 (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 earnings per share. Analysts expect that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

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.