Devon Energy Co. (NYSE:DVN) Shares Purchased by Essex Financial Services Inc.

Essex Financial Services Inc. raised its holdings in Devon Energy Co. (NYSE:DVN) by 129.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,291 shares of the energy company’s stock after purchasing an additional 12,015 shares during the period. Essex Financial Services Inc.’s holdings in Devon Energy were worth $697,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in DVN. Legacy Investment Solutions LLC bought a new position in Devon Energy during the 3rd quarter valued at $8,002,000. Bridgewater Associates LP bought a new position in shares of Devon Energy during the third quarter worth about $9,426,000. Petrus Trust Company LTA grew 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 worth $854,000 after purchasing an additional 17,415 shares in the last quarter. CIBC Asset Management Inc increased its holdings 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 valued at $4,193,000 after buying an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. raised its stake in Devon Energy by 3.5% during 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 in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research analyst reports. Truist Financial lowered their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Piper Sandler boosted their target price on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Susquehanna reduced their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Finally, Raymond James raised their target price on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Stock Down 3.3 %

DVN stock opened at $33.95 on Thursday. The firm’s 50-day moving average is $34.31 and its two-hundred day moving average is $38.75. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $22.30 billion, a price-to-earnings ratio of 6.30, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

Devon Energy 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.