NorthRock Partners LLC Takes $230,000 Position in Devon Energy Co. (NYSE:DVN)

NorthRock Partners LLC purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,580 shares of the energy company’s stock, valued at approximately $230,000.

Several other large investors have also made changes to their positions in the company. Graham Capital Management L.P. acquired a new position in Devon Energy in the third quarter valued at about $285,000. Wellington Management Group LLP lifted its stake in Devon Energy by 140.1% in the third quarter. Wellington Management Group LLP now owns 157,640 shares of the energy company’s stock valued at $7,519,000 after buying an additional 91,993 shares during the period. Anchor Investment Management LLC acquired a new position in Devon Energy in the fourth quarter valued at about $130,000. Nordea Investment Management AB lifted its stake in Devon Energy by 3.1% in the fourth quarter. Nordea Investment Management AB now owns 385,422 shares of the energy company’s stock valued at $17,479,000 after buying an additional 11,665 shares during the period. Finally, Sound Income Strategies LLC lifted its stake in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 0.1 %

Shares of NYSE:DVN traded up $0.03 during mid-day trading on Tuesday, reaching $48.08. 1,034,481 shares of the stock were exchanged, compared to its average volume of 7,240,591. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $47.73 and its 200-day simple moving average is $47.04. The company has a market cap of $30.39 billion, a P/E ratio of 9.17, a P/E/G ratio of 1.20 and a beta of 2.07. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company earned $1.46 earnings per share. As a group, equities research analysts predict that Devon Energy Co. will post 5.35 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.83%. Devon Energy’s dividend payout ratio is 16.79%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Mizuho raised their price target on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Citigroup raised their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Truist Financial dropped their price target on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. Finally, Morgan Stanley raised their price target on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.56.

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.