Berry Wealth Group LP Purchases Shares of 74,981 Devon Energy Co. (NYSE:DVN)

Berry Wealth Group LP acquired a new position in Devon Energy Co. (NYSE:DVN) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 74,981 shares of the energy company’s stock, valued at approximately $3,397,000. Devon Energy makes up about 3.1% of Berry Wealth Group LP’s investment portfolio, making the stock its 13th largest position.

Other large investors have also modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy in the 3rd quarter valued at approximately $27,000. Sound Income Strategies LLC boosted its position in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the period. Rise Advisors LLC grew its stake in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the last quarter. PFS Partners LLC bought a new position in Devon Energy during the fourth quarter worth $36,000. Finally, Naples Money Management LLC bought a new position in Devon Energy during the fourth quarter worth $40,000. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DVN has been the topic of several research analyst reports. Barclays assumed coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. JPMorgan Chase & Co. upped their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Morgan Stanley lifted their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Price Performance

NYSE:DVN traded down $1.11 on Wednesday, reaching $50.07. The stock had a trading volume of 3,567,727 shares, compared to its average volume of 7,760,441. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $31.79 billion, a P/E ratio of 8.60 and a beta of 2.19. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a fifty day moving average price of $49.23 and a 200-day moving average price of $46.24.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.66 earnings per share. Research analysts forecast that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.52%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is presently 15.09%.

Devon Energy Company 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.