Devon Energy Corporation (NYSE:DVN) Shares Acquired by Lodestone Wealth Management LLC

Lodestone Wealth Management LLC increased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 50.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,352 shares of the energy company's stock after purchasing an additional 8,806 shares during the quarter. Lodestone Wealth Management LLC's holdings in Devon Energy were worth $986,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. WCM Investment Management LLC lifted its holdings in shares of Devon Energy by 7.9% during the first quarter. WCM Investment Management LLC now owns 48,535 shares of the energy company's stock worth $1,784,000 after purchasing an additional 3,536 shares during the period. Redmont Wealth Advisors LLC acquired a new stake in Devon Energy in the first quarter valued at $56,000. Summit Trail Advisors LLC lifted its holdings in Devon Energy by 26.1% in the first quarter. Summit Trail Advisors LLC now owns 25,091 shares of the energy company's stock valued at $938,000 after acquiring an additional 5,187 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Devon Energy by 2.7% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 123,967 shares of the energy company's stock valued at $4,636,000 after acquiring an additional 3,226 shares during the period. Finally, Cidel Asset Management Inc. lifted its holdings in Devon Energy by 13.8% in the first quarter. Cidel Asset Management Inc. now owns 8,174 shares of the energy company's stock valued at $306,000 after acquiring an additional 990 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on DVN. Piper Sandler reduced their target price on Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. The Goldman Sachs Group raised their target price on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Barclays raised their target price on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Scotiabank reduced their target price on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $43.50.

Devon Energy Stock Down 0.6%

NYSE DVN traded down $0.21 on Friday, reaching $33.20. The company had a trading volume of 2,849,156 shares, compared to its average volume of 8,849,039. The firm has a market capitalization of $21.32 billion, a PE ratio of 7.56, a P/E/G ratio of 2.49 and a beta of 1.02. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35. The firm has a 50-day moving average of $32.37 and a 200-day moving average of $33.40. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The firm's revenue was up 23.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.16 EPS. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date was Friday, June 13th. Devon Energy's dividend payout ratio is presently 21.87%.

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.