Keene & Associates Inc. Cuts Stake in Devon Energy Co. (NYSE:DVN)

Keene & Associates Inc. lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 35.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,330 shares of the energy company’s stock after selling 25,934 shares during the quarter. Keene & Associates Inc.’s holdings in Devon Energy were worth $1,549,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in DVN. Legacy Investment Solutions LLC purchased a new position in Devon Energy in the third quarter valued at about $8,002,000. Bridgewater Associates LP purchased a new position in Devon Energy in the third quarter valued at approximately $9,426,000. Petrus Trust Company LTA lifted its stake in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares during the last quarter. CIBC Asset Management Inc increased its position in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. raised its stake in shares of Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after buying an additional 198,193 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Cowen downgraded shares of Devon Energy to a “hold” rating and reduced their target price for the stock from $46.00 to $45.00 in a research note on Tuesday. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 15th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Finally, Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Ten investment 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 presently has an average rating of “Moderate Buy” and an average price target of $49.26.

Devon Energy Stock Up 1.0 %

Shares of DVN opened at $34.98 on Wednesday. The firm has a market cap of $22.98 billion, a P/E ratio of 6.49, a P/E/G ratio of 1.08 and a beta of 1.98. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The stock has a 50 day simple moving average of $34.26 and a two-hundred day simple moving average of $38.41. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. On average, analysts forecast that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

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.