Hodges Capital Management Inc. Trims Stock Holdings in Devon Energy Co. (NYSE:DVN)

Hodges Capital Management Inc. lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 7.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,755 shares of the energy company’s stock after selling 4,543 shares during the period. Hodges Capital Management Inc.’s holdings in Devon Energy were worth $1,857,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the 3rd quarter worth about $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy in the third quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in Devon Energy during the third quarter valued at approximately $230,928,000. International Assets Investment Management LLC raised its stake 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 acquiring an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday, January 3rd. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Tuesday, January 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Raymond James upped their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a report on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Trading Down 1.1 %

Devon Energy stock opened at $33.74 on Tuesday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a market cap of $22.16 billion, a P/E ratio of 6.26, a P/E/G ratio of 1.07 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business has a 50-day simple moving average of $34.80 and a two-hundred day simple moving average of $39.31.

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

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.