Wahed Invest LLC Has $628,000 Position in Devon Energy Co. (NYSE:DVN)

Wahed Invest LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 14.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 12,519 shares of the energy company’s stock after purchasing an additional 1,575 shares during the period. Wahed Invest LLC’s holdings in Devon Energy were worth $628,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DVN. Creekmur Asset Management LLC bought a new stake in Devon Energy in the fourth quarter worth approximately $791,000. DekaBank Deutsche Girozentrale grew its position in Devon Energy by 39.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock worth $9,008,000 after acquiring an additional 55,459 shares in the last quarter. Tradewinds Capital Management LLC bought a new stake in Devon Energy in the first quarter worth approximately $30,000. MCF Advisors LLC grew its position in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after acquiring an additional 215 shares in the last quarter. Finally, Principal Securities Inc. bought a new stake in Devon Energy in the fourth quarter worth approximately $702,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on DVN. Wells Fargo & Company decreased their target price on shares of Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 23rd. Stifel Nicolaus upped their target price on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Bank of America reaffirmed a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Scotiabank decreased their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Piper Sandler upped their target price on Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 14th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.13.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $2.27 during midday trading on Friday, reaching $42.79. 12,248,775 shares of the company’s stock were exchanged, compared to its average volume of 7,215,456. The company’s 50 day simple moving average is $46.93 and its two-hundred day simple moving average is $47.17. The firm has a market capitalization of $27.04 billion, a PE ratio of 8.60, a price-to-earnings-growth ratio of 0.78 and a beta of 2.07. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the firm earned $1.46 EPS. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. Equities research analysts expect that Devon Energy Co. will post 5.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

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.