NorthRock Partners LLC Takes $365,000 Position in Devon Energy Co. (NYSE:DVN)

NorthRock Partners LLC bought a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,164 shares of the energy company's stock, valued at approximately $365,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Devon Energy by 330.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 279,310 shares of the energy company's stock worth $9,142,000 after buying an additional 214,349 shares during the period. Investment Management Corp of Ontario boosted its holdings in shares of Devon Energy by 71.5% during the 4th quarter. Investment Management Corp of Ontario now owns 35,809 shares of the energy company's stock worth $1,172,000 after buying an additional 14,925 shares during the period. Ensign Peak Advisors Inc boosted its holdings in shares of Devon Energy by 208.3% during the 4th quarter. Ensign Peak Advisors Inc now owns 283,882 shares of the energy company's stock worth $9,291,000 after buying an additional 191,788 shares during the period. Ethic Inc. boosted its holdings in shares of Devon Energy by 59.4% during the 4th quarter. Ethic Inc. now owns 54,118 shares of the energy company's stock worth $1,771,000 after buying an additional 20,175 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Devon Energy by 3.0% during the 4th quarter. Deutsche Bank AG now owns 3,492,902 shares of the energy company's stock worth $114,323,000 after buying an additional 102,725 shares during the period. Institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Scotiabank cut their price objective on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Raymond James set a $40.00 price objective on shares of Devon Energy in a report on Monday, April 21st. Barclays boosted their price objective on shares of Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Benchmark reissued a "buy" rating and issued a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Finally, Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the company an "overweight" rating in a report on Wednesday, March 26th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $43.83.

Devon Energy Price Performance

DVN stock traded down $0.54 during trading on Tuesday, reaching $32.15. 6,260,730 shares of the company were exchanged, compared to its average volume of 8,590,687. The company has a 50-day moving average of $32.46 and a two-hundred day moving average of $34.48. The company has a market capitalization of $20.64 billion, a price-to-earnings ratio of 7.05, a P/E/G ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $50.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. Devon Energy's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Friday, June 13th. Devon Energy's dividend payout ratio is currently 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.