Keynote Financial Services LLC Takes $291,000 Position in Devon Energy Co. (NYSE:DVN)

Keynote Financial Services LLC acquired a new stake in Devon Energy Co. (NYSE:DVN) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 5,795 shares of the energy company’s stock, valued at approximately $291,000.

Several other large investors have also modified their holdings of DVN. Vanguard Group Inc. boosted its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the period. Raymond James & Associates lifted its holdings in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after purchasing an additional 736,449 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Devon Energy by 467.1% during the first quarter. Canada Pension Plan Investment Board now owns 719,672 shares of the energy company’s stock worth $36,113,000 after purchasing an additional 592,765 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on DVN shares. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Stifel Nicolaus raised their target price on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Wells Fargo & Company reduced their target price on Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 23rd. Sanford C. Bernstein reduced their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Finally, Citigroup raised their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $59.13.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.73% of the stock is owned by corporate insiders.

Devon Energy Price Performance

Devon Energy stock traded down $2.27 during midday trading on Friday, reaching $42.79. 12,250,306 shares of the company were exchanged, compared to its average volume of 6,460,859. The company has a market capitalization of $27.04 billion, a price-to-earnings ratio of 8.17, a P/E/G ratio of 0.75 and a beta of 2.07. The firm’s 50-day simple moving average is $46.83 and its 200-day simple moving average is $47.21. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter last year, the business posted $1.46 EPS. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, analysts anticipate that Devon Energy Co. will post 5.4 EPS 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.