Sourcerock Group LLC Buys New Shares in Devon Energy Co. (NYSE:DVN)

Sourcerock Group LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 785,000 shares of the energy company’s stock, valued at approximately $25,693,000. Devon Energy accounts for 1.8% of Sourcerock Group LLC’s investment portfolio, making the stock its 13th biggest position. Sourcerock Group LLC owned approximately 0.12% of Devon Energy as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Redwood Wealth Management Group LLC raised its holdings in 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 acquiring an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC increased its position in shares of Devon Energy by 1.6% in the 4th 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 during the last quarter. Annex Advisory Services LLC raised its holdings in shares of Devon Energy by 1.2% in the 4th 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 lifted its position in shares of Devon Energy by 7.8% during the 4th quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock worth $150,000 after purchasing an additional 330 shares during the last quarter. Finally, Covestor Ltd lifted its position in shares of Devon Energy by 15.9% during the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock worth $83,000 after purchasing an additional 345 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of a number of analyst reports. Benchmark restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Raymond James set a $40.00 target price on Devon Energy in a research report on Monday, April 21st. Truist Financial upped their price target on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Mizuho cut their price objective on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Finally, Piper Sandler reduced their price objective on shares of Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.83.

Devon Energy Stock Down 0.4%

Devon Energy stock opened at $33.26 on Monday. The stock has a 50 day moving average of $32.50 and a two-hundred day moving average of $34.51. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $50.24. The stock has a market capitalization of $21.35 billion, a price-to-earnings 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 (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Devon Energy’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.16 earnings per share. As a group, research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s payout ratio is 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.