Peterson Wealth Services Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Peterson Wealth Services reduced its position in shares of Devon Energy Co. (NYSE:DVN) by 97.2% during the 4th quarter, HoldingsChannel reports. The fund owned 1,113 shares of the energy company’s stock after selling 39,202 shares during the period. Peterson Wealth Services’ holdings in Devon Energy were worth $36,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its position in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $461,857,000. Pacer Advisors Inc. raised its stake in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares during the period. EnCap Partners GP LLC purchased a new position in shares of Devon Energy during the 3rd quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. increased its holdings in Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after acquiring an additional 361,968 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent analyst reports. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Tuesday, January 14th. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Thursday, December 5th. Piper Sandler boosted their price objective on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Susquehanna decreased their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Finally, Citigroup dropped their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Price Performance

DVN stock opened at $34.24 on Tuesday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The business has a fifty day moving average of $34.41 and a two-hundred day moving average of $38.87. The stock has a market cap of $22.49 billion, a price-to-earnings ratio of 6.35, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

About Devon Energy

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.