NorthRock Partners LLC Has $661,000 Stock Holdings in Devon Energy Corporation $DVN

NorthRock Partners LLC raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 54.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 20,771 shares of the energy company’s stock after purchasing an additional 7,347 shares during the period. NorthRock Partners LLC’s holdings in Devon Energy were worth $661,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in Devon Energy during the 2nd quarter valued at about $25,000. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy during the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy during the 1st quarter valued at about $26,000. Trust Co. of Vermont boosted its stake in Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after purchasing an additional 666 shares during the last quarter. Finally, Rakuten Securities Inc. boosted its stake in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock valued at $31,000 after purchasing an additional 405 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 1.6%

NYSE:DVN opened at $32.69 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $20.75 billion, a PE ratio of 7.33, a price-to-earnings-growth ratio of 1.93 and a beta of 1.03. The firm’s 50 day moving average is $34.56 and its 200 day moving average is $33.02. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $41.84.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 EPS. Sell-side analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s payout ratio is 21.52%.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Scotiabank reiterated an “outperform” rating on shares of Devon Energy in a research note on Thursday, October 9th. Jefferies Financial Group boosted their target price on Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research note on Monday, July 14th. Wells Fargo & Company boosted their target price on Devon Energy from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 12th. Bernstein Bank cut their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Monday, July 7th. Finally, Mizuho cut their target price on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Seventeen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $43.68.

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.