Redwood Wealth Management Group LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

Redwood Wealth Management Group LLC grew its position in shares of Devon Energy Co. (NYSE:DVN) by 3.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,141 shares of the energy company’s stock after buying an additional 309 shares during the quarter. Redwood Wealth Management Group LLC’s holdings in Devon Energy were worth $266,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Riversedge Advisors LLC raised its position in Devon Energy by 3.6% during the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after buying an additional 253 shares during the last quarter. Modus Advisors LLC lifted its stake in shares of Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock valued at $447,000 after purchasing an additional 272 shares during the period. Hazlett Burt & Watson Inc. lifted its stake in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the period. Sfmg LLC lifted its stake in shares of Devon Energy by 0.5% in the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares during the period. Finally, Hexagon Capital Partners LLC lifted its stake in shares of Devon Energy by 4.0% in the third quarter. Hexagon Capital Partners LLC now owns 8,001 shares of the energy company’s stock valued at $313,000 after purchasing an additional 310 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the subject of several recent analyst reports. Scotiabank reduced their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Tuesday, January 14th. Piper Sandler lifted their target price on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research report on Thursday, December 5th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $49.45.

Devon Energy Price Performance

Devon Energy stock opened at $34.46 on Wednesday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The firm has a 50 day moving average price of $34.73 and a 200 day moving average price of $39.22. The company has a market cap of $22.63 billion, a price-to-earnings ratio of 6.39, a PEG ratio of 1.07 and a beta of 1.98. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm earned $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. Sell-side analysts predict that Devon Energy Co. will post 4.68 earnings per share for the current 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.