BXM Wealth LLC Takes $220,000 Position in Devon Energy Co. (NYSE:DVN)

BXM Wealth LLC acquired a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, HoldingsChannel reports. The fund acquired 6,725 shares of the energy company’s stock, valued at approximately $220,000.

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

Wall Street Analyst Weigh In

DVN has been the subject of several analyst reports. Susquehanna dropped their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Mizuho lowered their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Friday, January 3rd. Citigroup reduced their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, Truist Financial reduced their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Price Performance

DVN opened at $34.68 on Friday. The firm has a market cap of $22.78 billion, a P/E ratio of 6.43, a PEG ratio of 1.04 and a beta of 1.98. The firm has a 50-day moving average of $34.27 and a 200 day moving average of $38.65. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09.

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.