Redwood Wealth Management Group LLC Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

Redwood Wealth Management Group LLC grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 8,141 shares of the energy company’s stock after purchasing an additional 309 shares during the period. Redwood Wealth Management Group LLC’s holdings in Devon Energy were worth $266,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy during the third quarter worth approximately $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy during the third quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy during the third quarter worth $230,928,000. International Assets Investment Management LLC lifted its position in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DVN shares. TD Cowen reduced their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Susquehanna reduced their target price 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. Raymond James boosted their target price on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Finally, Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Friday, January 3rd. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $49.45.

Devon Energy Stock Up 2.1 %

Devon Energy stock opened at $34.46 on Wednesday. The company has a 50-day simple moving average of $34.73 and a 200-day simple moving average of $39.22. The firm has a market capitalization of $22.63 billion, a P/E ratio of 6.39, a P/E/G ratio of 1.07 and a beta of 1.98. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.65 earnings per share. As a group, equities analysts expect that Devon Energy Co. will post 4.68 earnings per share for the current year.

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.