Tidal Investments LLC Buys 27,357 Shares of Devon Energy Co. (NYSE:DVN)

Tidal Investments LLC raised its stake in Devon Energy Co. (NYSE:DVN) by 32.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 112,100 shares of the energy company’s stock after acquiring an additional 27,357 shares during the period. Tidal Investments LLC’s holdings in Devon Energy were worth $5,596,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Creekmur Asset Management LLC bought a new position in Devon Energy in the 4th quarter valued at approximately $791,000. Wahed Invest LLC lifted its holdings in shares of Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Devon Energy by 39.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after buying an additional 55,459 shares during the last quarter. Tradewinds Capital Management LLC bought a new stake in Devon Energy in the 1st quarter worth about $30,000. Finally, MCF Advisors LLC raised its position in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

DVN stock traded down $1.31 during trading on Thursday, reaching $45.72. The company’s stock had a trading volume of 2,821,477 shares, compared to its average volume of 7,120,147. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company’s fifty day moving average is $47.00 and its 200-day moving average is $47.18. The company has a market capitalization of $28.90 billion, a P/E ratio of 8.98, a price-to-earnings-growth ratio of 0.77 and a beta of 2.07. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping 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 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 earnings per share. The firm’s revenue was down 5.9% on a year-over-year basis. On average, research analysts expect that Devon Energy Co. will post 5.4 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly 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 accessible through this hyperlink. Company insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on DVN. Piper Sandler lifted their price target on shares of Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. Sanford C. Bernstein decreased their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Bank of America restated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. JPMorgan Chase & Co. upped their price objective on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 8th. Finally, Stifel Nicolaus increased their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Six equities research 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’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $59.13.

About Devon Energy

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.