33,000 Shares in Devon Energy Corporation $DVN Purchased by VCI Wealth Management LLC

VCI Wealth Management LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 33,000 shares of the energy company’s stock, valued at approximately $1,519,000.

A number of other institutional investors and hedge funds have also made changes to their positions in DVN. GRIMES & Co WEALTH MANAGEMENT LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $212,000. MBA Advisors LLC purchased a new position in shares of Devon Energy during the 3rd quarter valued at approximately $211,000. Traynor Capital Management Inc. acquired a new stake in Devon Energy in the 3rd quarter valued at $225,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Devon Energy in the 3rd quarter valued at $61,241,000. Finally, Vise Technologies Inc. grew its stake in Devon Energy by 15.1% in the 3rd quarter. Vise Technologies Inc. now owns 71,401 shares of the energy company’s stock valued at $3,287,000 after acquiring an additional 9,355 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on DVN. Morgan Stanley boosted their price target on shares of Devon Energy from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. UBS Group increased their price objective on shares of Devon Energy from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 7th. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday, September 28th. Susquehanna lifted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, Raymond James Financial boosted their target price on shares of Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a research note on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.72.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $48.58 on Tuesday. The stock has a market capitalization of $53.44 billion, a P/E ratio of 11.54, a PEG ratio of 1.33 and a beta of 0.49. The business has a 50 day simple moving average of $48.89 and a two-hundred day simple moving average of $45.89. Devon Energy Corporation has a 12 month low of $31.91 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The business’s revenue was up 73.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. As a group, analysts predict that Devon Energy Corporation will post 5.49 EPS for the current fiscal year.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares in the company, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Clay M. Gaspar bought 3,913 shares of the stock in a transaction on Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 4.58% of the stock is currently owned by insiders.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.