Devon Energy Co. (NYSE:DVN) Shares Purchased by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC increased its position in shares of Devon Energy Co. (NYSE:DVN) by 7.4% during the first quarter, Holdings Channel reports. The fund owned 11,389 shares of the energy company’s stock after acquiring an additional 785 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Devon Energy were worth $583,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Creekmur Asset Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $791,000. Wahed Invest LLC boosted its holdings in shares of Devon Energy by 6.3% in the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Devon Energy by 39.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after purchasing an additional 55,459 shares during the last quarter. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at $30,000. Finally, MCF Advisors LLC boosted its holdings in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $2.27 during trading on Friday, reaching $42.79. 12,250,306 shares of the company’s stock traded hands, compared to its average volume of 6,460,859. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a 50 day moving average of $46.83 and a 200-day moving average of $47.17. The stock has a market capitalization of $27.04 billion, a P/E ratio of 8.17, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating 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 business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities analysts expect that Devon Energy Co. will post 5.4 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on DVN. Mizuho lifted their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Piper Sandler lifted 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. UBS Group lifted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Scotiabank reduced 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 report on Friday, July 12th. Finally, BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.13.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.73% of the company’s stock.

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.