Cornerstone Select Advisors LLC Takes $606,000 Position in Devon Energy Co. (NYSE:DVN)

Cornerstone Select Advisors LLC purchased a new stake in Devon Energy Co. (NYSE:DVN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 18,529 shares of the energy company's stock, valued at approximately $606,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Franklin Resources Inc. grew its holdings in Devon Energy by 90.1% in the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company's stock worth $58,435,000 after purchasing an additional 646,045 shares during the period. Principal Financial Group Inc. raised its stake in Devon Energy by 1.0% during the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company's stock worth $28,635,000 after buying an additional 7,487 shares during the period. Nordea Investment Management AB boosted its holdings in Devon Energy by 70.0% in the fourth quarter. Nordea Investment Management AB now owns 65,861 shares of the energy company's stock worth $2,145,000 after acquiring an additional 27,114 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV grew its stake in Devon Energy by 20.8% in the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 6,600 shares of the energy company's stock valued at $216,000 after acquiring an additional 1,137 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Devon Energy by 90.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company's stock valued at $89,170,000 after purchasing an additional 1,296,590 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Cowen cut shares of Devon Energy to a "hold" rating and reduced their price objective for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Piper Sandler cut their price target on Devon Energy from $55.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Truist Financial increased their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. UBS Group cut their target price on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Finally, Wells Fargo & Company decreased their price target on Devon Energy from $46.00 to $44.00 and set an "overweight" rating for the company in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.96.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.67 during trading on Friday, hitting $32.60. 6,838,502 shares of the company were exchanged, compared to its average volume of 8,567,489. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $51.20. The stock has a 50 day moving average of $32.55 and a 200 day moving average of $34.75. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market cap of $20.97 billion, a PE ratio of 7.15, a P/E/G ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the prior year, the business earned $1.16 EPS. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.94%. The ex-dividend date is Friday, June 13th. Devon Energy's dividend payout ratio is presently 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.