First Dallas Securities Inc. Buys 12,760 Shares of Devon Energy Co. (NYSE:DVN)

First Dallas Securities Inc. grew its position in Devon Energy Co. (NYSE:DVN) by 31.9% during the 4th quarter, HoldingsChannel reports. The firm owned 52,715 shares of the energy company’s stock after purchasing an additional 12,760 shares during the quarter. First Dallas Securities Inc.’s holdings in Devon Energy were worth $1,725,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in DVN. Geode Capital Management LLC grew its position in Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the 3rd quarter valued at approximately $461,857,000. Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% during 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. EnCap Partners GP LLC bought a new stake in Devon Energy during the 3rd quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. grew its holdings in Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after acquiring an additional 361,968 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Mizuho reduced their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Tuesday, January 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Finally, Citigroup cut their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.45.

Devon Energy Price Performance

Shares of NYSE DVN 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 stock has a market capitalization of $22.16 billion, a price-to-earnings ratio of 6.26, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The firm has a 50-day simple moving average of $34.80 and a 200-day simple moving average of $39.31. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for 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 for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $1.65 earnings per share. On average, equities analysts predict that Devon Energy Co. will post 4.68 earnings per share for the current fiscal 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.