Devon Energy Co. (NYSE:DVN) Position Raised by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 10.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 60,490 shares of the energy company’s stock after buying an additional 5,954 shares during the period. Confluence Wealth Services Inc.’s holdings in Devon Energy were worth $1,980,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in Devon Energy during the third quarter valued at about $35,000. Future Financial Wealth Managment LLC acquired a new stake in Devon Energy in the 3rd quarter valued at about $39,000. True Wealth Design LLC boosted its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. grew its stake in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management raised its holdings in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on DVN. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Piper Sandler boosted their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Raymond James increased their price target on Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Wells Fargo & Company cut their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Stock Up 2.1 %

Devon Energy stock opened at $34.46 on Wednesday. The company has a market capitalization of $22.63 billion, a P/E ratio of 6.39, a P/E/G ratio of 1.07 and a beta of 1.98. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The firm’s fifty day simple moving average is $34.73 and its 200-day simple moving average is $39.22. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 earnings per share. Sell-side analysts forecast that Devon Energy Co. will post 4.68 earnings per share for the current fiscal 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.