ABC Arbitrage SA Makes New $2.47 Million Investment in Devon Energy Co. (NYSE:DVN)

ABC Arbitrage SA bought a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 75,539 shares of the energy company’s stock, valued at approximately $2,472,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Devon Energy in the third quarter valued at $8,002,000. Bridgewater Associates LP bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $9,426,000. Petrus Trust Company LTA boosted its holdings in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after buying an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its stake in Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Susquehanna reduced their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Raymond James boosted their price target on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Mizuho cut their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Finally, StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $49.45.

Devon Energy Stock Up 1.3 %

NYSE DVN opened at $34.68 on Friday. 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 Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The stock has a fifty day moving average of $34.27 and a 200-day moving average of $38.65. The stock has a market capitalization of $22.78 billion, a P/E ratio of 6.43, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98.

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.