Cornerstone Wealth Management LLC Grows Position in Devon Energy Co. (NYSE:DVN)

Cornerstone Wealth Management LLC boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,242 shares of the energy company’s stock after purchasing an additional 326 shares during the period. Cornerstone Wealth Management LLC’s holdings in Devon Energy were worth $695,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Veracity Capital LLC increased its holdings in shares of Devon Energy by 23.2% during the 4th quarter. Veracity Capital LLC now owns 10,654 shares of the energy company’s stock worth $349,000 after buying an additional 2,004 shares during the last quarter. Endeavor Private Wealth Inc. acquired a new stake in Devon Energy during the fourth quarter worth about $52,000. Dakota Wealth Management increased its stake in Devon Energy by 260.8% during the fourth quarter. Dakota Wealth Management now owns 19,230 shares of the energy company’s stock worth $629,000 after acquiring an additional 13,900 shares during the last quarter. MCF Advisors LLC raised its holdings in shares of Devon Energy by 60.6% in the 4th quarter. MCF Advisors LLC now owns 6,109 shares of the energy company’s stock worth $200,000 after purchasing an additional 2,306 shares during the period. Finally, Segment Wealth Management LLC lifted its stake in shares of Devon Energy by 4.5% in the 4th quarter. Segment Wealth Management LLC now owns 8,952 shares of the energy company’s stock valued at $293,000 after purchasing an additional 385 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of several research reports. Scotiabank cut their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Tuesday, January 14th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Friday, January 3rd. Barclays cut their price objective on 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, Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.41.

Devon Energy Stock Performance

Shares of DVN stock opened at $35.98 on Friday. The stock has a market capitalization of $23.64 billion, a price-to-earnings ratio of 6.68, a PEG ratio of 1.21 and a beta of 2.00. Devon Energy Co. has a one year low of $30.39 and a one year 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. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 4.7 earnings per share for the current fiscal 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 issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

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.