L. Roy Papp & Associates LLP Decreases Position in Devon Energy Co. (NYSE:DVN)

L. Roy Papp & Associates LLP lowered its stake in Devon Energy Co. (NYSE:DVN) by 4.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,882 shares of the energy company’s stock after selling 689 shares during the quarter. L. Roy Papp & Associates LLP’s holdings in Devon Energy were worth $487,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of DVN. Capital Performance Advisors LLP acquired a new stake in Devon Energy in the third quarter valued at approximately $35,000. True Wealth Design LLC lifted its position in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. boosted 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. Activest Wealth Management grew its holdings in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. Finally, Endeavor Private Wealth Inc. purchased a new stake in Devon Energy during the 4th quarter worth $52,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DVN. Raymond James upped their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a report on Thursday, December 5th. Truist Financial dropped their price objective on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Wednesday, January 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.45.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $35.10 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average price is $34.36 and its two-hundred day moving average price is $38.79. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market capitalization of $23.05 billion, a P/E ratio of 6.51, a P/E/G ratio of 1.04 and a beta of 1.98.

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.