ABC Arbitrage SA Takes Position in Devon Energy Co. (NYSE:DVN)

ABC Arbitrage SA purchased a new position in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, Holdings Channel reports. The firm purchased 75,539 shares of the energy company’s stock, valued at approximately $2,472,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DVN. Legacy Investment Solutions LLC bought a new position in shares of Devon Energy in the 3rd quarter valued at $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy during the 3rd quarter worth about $9,426,000. Petrus Trust Company LTA grew its holdings in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the period. CIBC Asset Management Inc grew its stake in shares of Devon Energy by 6.3% in the 3rd 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 period. Finally, Smead Capital Management Inc. grew its stake in shares of Devon Energy by 3.5% in the 3rd 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. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN opened at $34.68 on Friday. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The stock has a market capitalization of $22.78 billion, a price-to-earnings ratio of 6.43, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. The firm has a 50-day simple moving average of $34.27 and a 200-day simple moving average of $38.65. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. 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. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Truist Financial dropped their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.45.

About Devon Energy

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.