Chicago Partners Investment Group LLC Grows Stock Position in Devon Energy Co. (NYSE:DVN)

Chicago Partners Investment Group LLC raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 12.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,346 shares of the energy company’s stock after purchasing an additional 789 shares during the period. Chicago Partners Investment Group LLC’s holdings in Devon Energy were worth $290,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares in the last quarter. Annex Advisory Services LLC lifted its holdings in Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Devon Energy by 30.4% during the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares during the last quarter. Archer Investment Corp grew its holdings in shares of Devon Energy by 2.8% during the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after buying an additional 235 shares in the last quarter. Finally, Citizens Financial Group Inc. RI raised its position in shares of Devon Energy by 2.6% in the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock valued at $476,000 after buying an additional 236 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.5 %

DVN opened at $39.33 on Wednesday. The firm’s 50 day moving average is $40.92 and its 200-day moving average is $45.15. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $24.63 billion, a P/E ratio of 7.14, a P/E/G ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 EPS. Analysts expect that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DVN has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday. Wells Fargo & Company reissued a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Sanford C. Bernstein dropped their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Finally, Piper Sandler cut their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.15.

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.