Shell Asset Management Co. Reduces Stock Position in Devon Energy Corporation $DVN

Shell Asset Management Co. cut its stake in Devon Energy Corporation (NYSE:DVN) by 53.0% in the third quarter, HoldingsChannel.com reports. The fund owned 66,878 shares of the energy company’s stock after selling 75,460 shares during the period. Shell Asset Management Co.’s holdings in Devon Energy were worth $2,345,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Yousif Capital Management LLC grew its position in Devon Energy by 0.4% in the 2nd quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock worth $2,776,000 after purchasing an additional 321 shares during the period. ORG Partners LLC boosted its stake in shares of Devon Energy by 65.7% in the 3rd quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock worth $31,000 after buying an additional 352 shares during the last quarter. MAI Capital Management grew its holdings in shares of Devon Energy by 2.3% in the second quarter. MAI Capital Management now owns 17,647 shares of the energy company’s stock worth $561,000 after acquiring an additional 395 shares during the period. IHT Wealth Management LLC increased its position in Devon Energy by 1.6% during the second quarter. IHT Wealth Management LLC now owns 24,904 shares of the energy company’s stock valued at $792,000 after acquiring an additional 399 shares during the last quarter. Finally, M.E. Allison & CO. Inc. lifted its holdings in Devon Energy by 6.0% in the third quarter. M.E. Allison & CO. Inc. now owns 7,063 shares of the energy company’s stock valued at $248,000 after acquiring an additional 400 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on DVN shares. BMO Capital Markets reduced their price target on shares of Devon Energy from $48.00 to $45.00 and set an “outperform” rating for the company in a research report on Monday, January 12th. Scotiabank boosted their target price on shares of Devon Energy from $41.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 3rd. Jefferies Financial Group increased their price target on shares of Devon Energy from $33.00 to $36.00 and gave the stock a “hold” rating in a research report on Tuesday, January 20th. The Goldman Sachs Group boosted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Finally, Benchmark reaffirmed a “buy” rating on shares of Devon Energy in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.24.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $44.63 on Friday. The stock has a market cap of $28.00 billion, a PE ratio of 10.50, a price-to-earnings-growth ratio of 3.97 and a beta of 0.61. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $45.02. The firm has a fifty day moving average price of $38.24 and a 200-day moving average price of $35.73. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.