Devon Energy Co. (NYSE:DVN) Shares Bought by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 1.6% during the fourth quarter, Holdings Channel reports. The firm owned 21,242 shares of the energy company’s stock after buying an additional 326 shares during the period. Cornerstone Wealth Management LLC’s holdings in Devon Energy were worth $695,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter worth about $35,000. Future Financial Wealth Managment LLC acquired a new position in shares of Devon Energy during the third quarter worth approximately $39,000. True Wealth Design LLC grew its holdings in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. increased its position in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after acquiring an additional 290 shares during the period. Finally, Activest Wealth Management raised its stake in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DVN. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a report on Thursday, December 5th. Evercore ISI dropped their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Finally, Wells Fargo & Company decreased their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.41.

Devon Energy Stock Down 1.3 %

DVN stock opened at $35.98 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market capitalization of $23.64 billion, a P/E ratio of 6.68, a P/E/G ratio of 1.21 and a beta of 2.00. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company’s 50 day simple moving average is $35.27 and its 200-day simple moving average is $39.90.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the business earned $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. As a group, equities research analysts anticipate that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.45%. Devon Energy’s payout ratio is presently 16.33%.

Devon Energy 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.