Cetera Investment Advisers Has $14.97 Million Stake in Devon Energy Co. (NYSE:DVN)

Cetera Investment Advisers increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 824.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 298,341 shares of the energy company’s stock after buying an additional 266,054 shares during the quarter. Cetera Investment Advisers’ holdings in Devon Energy were worth $14,971,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Manchester Capital Management LLC bought a new position in shares of Devon Energy in the 4th quarter worth about $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the 1st quarter worth approximately $30,000. Jones Financial Companies Lllp increased its stake in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares in the last quarter. PFS Partners LLC acquired a new position in shares of Devon Energy during the 4th quarter valued at $36,000. Finally, LRI Investments LLC bought a new position in Devon Energy during the first quarter worth $39,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DVN shares. Morgan Stanley upped their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Wells Fargo & Company reduced their price objective on Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 23rd. Mizuho upped their target price on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $59.13.

Devon Energy Stock Performance

Shares of DVN stock opened at $42.79 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm has a market cap of $27.04 billion, a price-to-earnings ratio of 8.17, a PEG ratio of 0.75 and a beta of 2.07. The company’s 50 day moving average is $46.83 and its 200 day moving average is $47.21. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating 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 analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. Devon Energy’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Insider Activity at Devon Energy

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

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.