Wahed Invest LLC Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Wahed Invest LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 14.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,519 shares of the energy company’s stock after buying an additional 1,575 shares during the quarter. Wahed Invest LLC’s holdings in Devon Energy were worth $628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Devon Energy by 3.5% during the 1st 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 last quarter. Raymond James & Associates lifted its holdings in shares of Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after acquiring an additional 736,449 shares during the last quarter. Victory Capital Management Inc. increased its stake in Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after acquiring an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP raised its position in 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 valued at $320,609,000 after purchasing an additional 1,488,374 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in shares of Devon Energy by 3.6% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after purchasing an additional 156,230 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 5.0 %

Shares of NYSE:DVN traded down $2.27 on Friday, reaching $42.79. The company had a trading volume of 12,248,775 shares, compared to its average volume of 7,215,456. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $27.04 billion, a PE ratio of 8.60, a PEG ratio of 0.78 and a beta of 2.07. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The firm’s 50 day simple moving average is $46.93 and its 200-day simple moving average is $47.17.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, analysts expect that Devon Energy Co. will post 5.4 earnings per share for the current fiscal year.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on DVN. Piper Sandler increased their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. UBS Group upped their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Barclays started coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Scotiabank cut their price objective on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.13.

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.