12,095 Shares in Devon Energy Co. (NYSE:DVN) Bought by IMS Capital Management

IMS Capital Management bought a new position in shares of Devon Energy Co. (NYSE:DVN) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,095 shares of the energy company’s stock, valued at approximately $607,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Salem Investment Counselors Inc. raised its holdings in shares of Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after buying an additional 199 shares during the last quarter. Retirement Group LLC increased its stake in shares of Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after acquiring an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Devon Energy by 7.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after acquiring an additional 209 shares during the period. MCF Advisors LLC increased its stake in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after acquiring an additional 215 shares during the period. Finally, Magnolia Capital Advisors LLC increased its stake in shares of Devon Energy by 1.0% during the first quarter. Magnolia Capital Advisors LLC now owns 23,316 shares of the energy company’s stock worth $1,208,000 after acquiring an additional 230 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 5.0 %

Shares of DVN traded down $2.27 on Friday, hitting $42.79. 12,250,306 shares of the stock traded hands, compared to its average volume of 6,460,859. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $27.04 billion, a P/E ratio of 8.17, a P/E/G ratio of 0.75 and a beta of 2.07. The stock’s 50 day moving average is $46.83 and its two-hundred day moving average is $47.21. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 earnings per share. As a group, sell-side analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on DVN shares. Citigroup boosted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Piper Sandler upped their target price on shares of Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 14th. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Stifel Nicolaus upped their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Finally, Scotiabank lowered their target price on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $59.13.

Insider Activity at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.73% of the company’s stock.

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.