IMS Capital Management Acquires Shares of 12,095 Devon Energy Co. (NYSE:DVN)

IMS Capital Management bought a new stake in Devon Energy Co. (NYSE:DVN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 12,095 shares of the energy company’s stock, valued at approximately $607,000.

Several other hedge funds also recently modified their holdings of DVN. Manchester Capital Management LLC bought a new position in Devon Energy in the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the first quarter valued at approximately $30,000. Jones Financial Companies Lllp increased its holdings in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. PFS Partners LLC acquired a new position in Devon Energy during the fourth quarter worth $36,000. Finally, LRI Investments LLC acquired a new position in Devon Energy during the first quarter worth $39,000. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were 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 of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is currently owned by corporate insiders.

Devon Energy Trading Down 5.0 %

Shares of DVN stock traded down $2.27 on Friday, hitting $42.79. 12,250,306 shares of the company’s stock traded hands, compared to its average volume of 6,460,859. 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 Co. has a one year low of $40.47 and a one year high of $55.09. The company’s fifty day simple moving average is $46.83 and its 200 day simple moving average is $47.21. The stock has a market capitalization of $27.04 billion, a price-to-earnings ratio of 8.17, a P/E/G ratio of 0.75 and a beta of 2.07.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on DVN. Wells Fargo & Company reduced their price objective 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. Bank of America reissued a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Stifel Nicolaus upped their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. upped their price objective on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Finally, Piper Sandler increased their target price on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.13.

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.