DAVENPORT & Co LLC Sells 13,163 Shares of Devon Energy Co. (NYSE:DVN)

DAVENPORT & Co LLC lowered its stake in Devon Energy Co. (NYSE:DVN) by 23.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,218 shares of the energy company’s stock after selling 13,163 shares during the quarter. DAVENPORT & Co LLC’s holdings in Devon Energy were worth $1,415,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in Devon Energy during the third quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new position in shares of Devon Energy during the third quarter worth about $39,000. True Wealth Design LLC grew its holdings in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. increased its position in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management raised its stake in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.8 %

Devon Energy stock opened at $34.14 on Thursday. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The business’s fifty day simple moving average is $34.66 and its two-hundred day simple moving average is $39.18. The company has a market capitalization of $22.42 billion, a price-to-earnings ratio of 6.33, a price-to-earnings-growth ratio of 1.07 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DVN has been the topic of several research reports. Truist Financial lowered their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. TD Cowen dropped their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Wells Fargo & Company decreased their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Finally, Scotiabank decreased their price target 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. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.45.

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.