Sumitomo Mitsui DS Asset Management Company Ltd Purchases 40,988 Shares of Devon Energy Co. (NYSE:DVN)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Devon Energy Co. (NYSE:DVN) by 51.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 120,741 shares of the energy company’s stock after acquiring an additional 40,988 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Devon Energy were worth $3,952,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of DVN. Tandem Financial LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at about $117,000. Strategic Financial Concepts LLC purchased a new stake in Devon Energy during the 4th quarter worth approximately $671,000. Leo Wealth LLC increased its stake in Devon Energy by 36.0% during the 4th quarter. Leo Wealth LLC now owns 7,003 shares of the energy company’s stock valued at $229,000 after purchasing an additional 1,852 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. purchased a new position in shares of Devon Energy in the fourth quarter worth $782,000. Finally, Financial Advocates Investment Management lifted its stake in shares of Devon Energy by 17.9% during the fourth quarter. Financial Advocates Investment Management now owns 13,050 shares of the energy company’s stock worth $427,000 after buying an additional 1,981 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DVN. Truist Financial reduced their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. Raymond James upped their target price on Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. Finally, Piper Sandler lifted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Stock Down 0.9 %

Shares of DVN opened at $33.13 on Monday. The firm has a market cap of $21.76 billion, a P/E ratio of 6.15, a PEG ratio of 1.04 and a beta of 1.98. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The stock’s 50 day moving average is $34.47 and its two-hundred day moving average is $38.95. 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 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.