Sourcerock Group LLC Purchases New Position in Devon Energy Co. (NYSE:DVN)

Sourcerock Group LLC acquired a new position in Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to the company in 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 approximately 1.8% of Sourcerock Group LLC's investment portfolio, making the stock its 13th biggest position. Sourcerock Group LLC owned approximately 0.12% of Devon Energy at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Klein Pavlis & Peasley Financial Inc. acquired a new position in Devon Energy in the fourth quarter worth $782,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Devon Energy during the 4th quarter worth approximately $5,967,000. New York State Teachers Retirement System raised its position in shares of Devon Energy by 4.5% during the 4th quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock worth $24,101,000 after purchasing an additional 31,520 shares during the period. First Dallas Securities Inc. raised its position in shares of Devon Energy by 31.9% during the 4th quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company's stock worth $1,725,000 after purchasing an additional 12,760 shares during the period. Finally, Aviva PLC raised its position in shares of Devon Energy by 767.3% during the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after purchasing an additional 333,530 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Up 0.0%

Shares of DVN stock traded up $0.01 on Friday, reaching $31.15. 7,037,546 shares of the company's stock traded hands, compared to its average volume of 8,640,839. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $49.35. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company 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 business's 50 day moving average price is $32.20 and its two-hundred day moving average price is $34.33.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) 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 company had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The firm's quarterly revenue was up 23.8% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DVN. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Cowen lowered shares of Devon Energy to a "hold" rating and reduced their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Citigroup reduced their target price on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, April 4th. Wells Fargo & Company boosted their target price on shares of Devon Energy from $44.00 to $46.00 and gave the company an "overweight" rating in a research note on Wednesday, May 14th. Finally, Bank of America reduced their target price on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.71.

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.