Sourcerock Group LLC Invests $25.69 Million in Devon Energy Co. (NYSE:DVN)

Sourcerock Group LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 785,000 shares of the energy company's stock, valued at approximately $25,693,000. Devon Energy accounts for about 1.8% of Sourcerock Group LLC's investment portfolio, making the stock its 13th largest holding. Sourcerock Group LLC owned approximately 0.12% of Devon Energy as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DVN. Klein Pavlis & Peasley Financial Inc. acquired a new position in Devon Energy in the fourth quarter valued at about $782,000. Resona Asset Management Co. Ltd. acquired a new position in shares of Devon Energy during the fourth quarter worth about $5,967,000. New York State Teachers Retirement System boosted its position in shares of Devon Energy by 4.5% during the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock worth $24,101,000 after buying an additional 31,520 shares during the period. First Dallas Securities Inc. boosted its position in shares of Devon Energy by 31.9% during the fourth quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company's stock worth $1,725,000 after buying an additional 12,760 shares during the period. Finally, Aviva PLC boosted its position in shares of Devon Energy by 767.3% during the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after buying an additional 333,530 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE:DVN traded down $0.35 on Thursday, hitting $31.15. The company's stock had a trading volume of 6,813,861 shares, compared to its average volume of 8,630,821. The firm has a market capitalization of $20.00 billion, a P/E ratio of 6.83, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a one year low of $25.89 and a one year high of $49.35. The stock has a fifty day moving average of $32.37 and a two-hundred day moving average of $34.44.

Devon Energy (NYSE:DVN - Get Free Report) last announced its 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). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter last year, the business posted $1.16 EPS. Devon Energy's revenue for the quarter was up 23.8% on a year-over-year basis. Research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's payout ratio is currently 21.87%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Bank of America reduced their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Morgan Stanley set a $47.00 price objective on Devon Energy and gave the stock an "overweight" rating in a research report on Wednesday, March 26th. Scotiabank reduced their price objective on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a research report on Friday, April 11th. Raymond James set a $40.00 price objective on Devon Energy in a research report on Monday, April 21st. Finally, Piper Sandler reduced their price objective on Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $43.83.

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.