Devon Energy Corporation $DVN Shares Newly Acquired by VCI Wealth Management LLC

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

Other institutional investors and hedge funds have also made changes to their positions in the company. 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 stake in shares of Devon Energy in the third quarter valued at approximately $211,000. Traynor Capital Management Inc. purchased a new stake in shares of Devon Energy in the third quarter valued at approximately $225,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $61,241,000. Finally, Vise Technologies Inc. increased its holdings in shares of Devon Energy by 15.1% in the third quarter. Vise Technologies Inc. now owns 71,401 shares of the energy company’s stock valued at $3,287,000 after purchasing an additional 9,355 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of DVN stock opened at $48.58 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The company has a market capitalization of $53.44 billion, a PE ratio of 11.54, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49. The firm’s 50-day moving average is $48.89 and its two-hundred day moving average is $45.89. Devon Energy Corporation has a 12 month low of $31.91 and a 12 month high of $52.71.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on DVN shares. Stifel Nicolaus started coverage on Devon Energy in a research report on Thursday, September 10th. They set a “buy” rating and a $61.00 price objective on the stock. Weiss Ratings raised Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Citigroup upped their target price on Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 31st. Wells Fargo & Company cut their target price on Devon Energy from $65.00 to $64.00 and set an “overweight” rating for the company in a research note on Monday, September 28th. Finally, Barclays raised their target price on Devon Energy from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $60.72.

Insider Buying and Selling

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’s stock in a transaction that occurred 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 directly owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Clay M. Gaspar acquired 3,913 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the acquisition, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at $31,626,284.16. The trade was a 0.64% increase in their position. The disclosure for this purchase is available in the SEC filing. 4.58% of the stock is owned by company insiders.

Devon Energy 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.