Devon Energy Co. (NYSE:DVN) Holdings Increased by WCM Investment Management LLC

WCM Investment Management LLC increased its stake in Devon Energy Co. (NYSE:DVN) by 130.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,999 shares of the energy company’s stock after acquiring an additional 25,511 shares during the period. WCM Investment Management LLC’s holdings in Devon Energy were worth $1,439,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in DVN. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy during the 3rd quarter valued at $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy in the third quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in Devon Energy during the third quarter valued at about $230,928,000. International Assets Investment Management LLC boosted its stake in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DVN. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Tuesday, January 14th. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Truist Financial reduced their price objective 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. Finally, Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.45.

Devon Energy Price Performance

DVN opened at $34.24 on Tuesday. The stock has a fifty day moving average price of $34.41 and a 200 day moving average price of $38.87. 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 Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The stock has a market cap of $22.49 billion, a price-to-earnings ratio of 6.35, a PEG ratio of 1.04 and a beta of 1.98.

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.