M&R Capital Management Inc. acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) during the first quarter, according to its most recent filing with the SEC. The fund acquired 1,250 shares of the energy company’s stock, valued at approximately $27,000.
Several other large investors also recently added to or reduced their stakes in DVN. LPL Financial LLC raised its stake in shares of Devon Energy by 3.2% during the 3rd quarter. LPL Financial LLC now owns 35,396 shares of the energy company’s stock valued at $335,000 after purchasing an additional 1,113 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Devon Energy by 8.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,375,477 shares of the energy company’s stock valued at $13,162,000 after purchasing an additional 111,788 shares during the period. Guggenheim Capital LLC raised its stake in shares of Devon Energy by 5.9% during the 3rd quarter. Guggenheim Capital LLC now owns 113,783 shares of the energy company’s stock valued at $1,076,000 after purchasing an additional 6,303 shares during the period. Cetera Advisor Networks LLC raised its stake in shares of Devon Energy by 48.6% during the 3rd quarter. Cetera Advisor Networks LLC now owns 10,676 shares of the energy company’s stock valued at $101,000 after purchasing an additional 3,490 shares during the period. Finally, ProShare Advisors LLC grew its position in Devon Energy by 36.6% during the third quarter. ProShare Advisors LLC now owns 132,069 shares of the energy company’s stock worth $1,249,000 after buying an additional 35,369 shares in the last quarter. Institutional investors own 80.86% of the company’s stock.
DVN has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on Devon Energy from $20.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 17th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their target price on Devon Energy from $24.00 to $29.00 in a research report on Tuesday, March 23rd. The Goldman Sachs Group initiated coverage on Devon Energy in a research report on Monday, March 29th. They set a “buy” rating and a $30.75 target price for the company. Raymond James boosted their target price on Devon Energy from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, February 25th. Finally, Truist boosted their target price on Devon Energy from $30.00 to $35.00 in a research report on Monday, March 8th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $22.82.
DVN opened at $22.14 on Thursday. The stock’s 50 day simple moving average is $22.77 and its 200 day simple moving average is $16.20. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.03 and a quick ratio of 2.03. Devon Energy Co. has a 1 year low of $7.73 and a 1 year high of $26.13. The firm has a market cap of $14.90 billion, a price-to-earnings ratio of -2.63, a PEG ratio of 28.23 and a beta of 3.46.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 16th. The energy company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.24 billion. Devon Energy had a positive return on equity of 2.38% and a negative net margin of 62.68%. During the same quarter in the previous year, the business earned $0.36 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Co. will post -0.07 EPS for the current year.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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