Montchanin Asset Management LLC Purchases Shares of 33,290 Devon Energy Co. (NYSE:DVN)

Montchanin Asset Management LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) during the first quarter, HoldingsChannel reports. The firm acquired 33,290 shares of the energy company’s stock, valued at approximately $1,670,000. Devon Energy accounts for approximately 1.6% of Montchanin Asset Management LLC’s portfolio, making the stock its 18th biggest position.

Several other large investors also recently made changes to their positions in DVN. Vanguard Group Inc. lifted its position in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Raymond James & Associates raised its position in shares of Devon Energy by 8.9% in the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after purchasing an additional 736,449 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after buying an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 26.6% during 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 period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in Devon Energy by 3.6% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after buying an additional 156,230 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following 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 filing with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by corporate insiders.

Devon Energy Price Performance

Shares of DVN stock traded down $1.97 on Thursday, reaching $45.06. The company had a trading volume of 10,859,318 shares, compared to its average volume of 7,180,878. The business’s 50-day moving average is $46.93 and its 200 day moving average is $47.17. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. 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 stock has a market capitalization of $28.48 billion, a PE ratio of 8.60, a price-to-earnings-growth ratio of 0.77 and a beta of 2.07.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company’s revenue was down 5.9% on a year-over-year basis. Equities research analysts forecast that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Analysts Set New Price Targets

DVN has been the subject of several research reports. Wolfe Research assumed coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Stifel Nicolaus boosted their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Bank of America reiterated a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. UBS Group boosted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Finally, BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $59.13.

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.