Keynote Financial Services LLC Purchases New Position in Devon Energy Co. (NYSE:DVN)

Keynote Financial Services LLC purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 5,795 shares of the energy company’s stock, valued at approximately $291,000.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after buying an additional 736,449 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Devon Energy by 467.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 719,672 shares of the energy company’s stock worth $36,113,000 after buying an additional 592,765 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on DVN. Piper Sandler increased their target price on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Wells Fargo & Company cut their price target on shares of Devon Energy from $60.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Truist Financial cut their price target on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Finally, Mizuho raised their target price on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.13.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.73% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock traded down $2.27 during mid-day trading on Friday, hitting $42.79. The company had a trading volume of 12,250,306 shares, compared to its average volume of 6,460,859. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock’s 50 day moving average price is $46.83 and its 200-day moving average price is $47.21. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The company 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.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The company 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%. Devon Energy’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 earnings per share. Equities research analysts forecast that Devon Energy Co. will post 5.4 earnings per share for the current year.

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.