Devon Energy Co. (NYSE:DVN) Shares Acquired by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 13.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,916 shares of the energy company’s stock after acquiring an additional 2,524 shares during the period. Cornerstone Wealth Management LLC’s holdings in Devon Energy were worth $818,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Culbertson A N & Co. Inc. purchased a new stake in Devon Energy during the 3rd quarter worth approximately $935,000. SPC Financial Inc. increased its stake in Devon Energy by 11.6% during the 3rd quarter. SPC Financial Inc. now owns 15,188 shares of the energy company’s stock worth $594,000 after buying an additional 1,573 shares during the period. Sumitomo Life Insurance Co. increased its stake in Devon Energy by 4.3% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 17,497 shares of the energy company’s stock worth $684,000 after buying an additional 727 shares during the period. SeaCrest Wealth Management LLC increased its stake in Devon Energy by 13.7% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 37,895 shares of the energy company’s stock worth $1,482,000 after buying an additional 4,555 shares during the period. Finally, Arkfeld Wealth Strategies L.L.C. increased its stake in Devon Energy by 17.0% during the 3rd quarter. Arkfeld Wealth Strategies L.L.C. now owns 41,966 shares of the energy company’s stock worth $1,780,000 after buying an additional 6,099 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.3 %

Shares of Devon Energy stock opened at $40.57 on Friday. The company has a market cap of $25.64 billion, a P/E ratio of 7.74, a PEG ratio of 1.27 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The firm has a fifty day moving average of $42.24 and a two-hundred day moving average of $46.39.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.18 EPS. On average, analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. Devon Energy’s dividend payout ratio is presently 16.79%.

Analysts Set New Price Targets

DVN has been the topic of several recent research reports. Scotiabank cut their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Jefferies Financial Group assumed coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. UBS Group dropped their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.58.

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.