Keene & Associates Inc. Sells 25,934 Shares of Devon Energy Co. (NYSE:DVN)

Keene & Associates Inc. trimmed its stake in shares of Devon Energy Co. (NYSE:DVN) by 35.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,330 shares of the energy company’s stock after selling 25,934 shares during the quarter. Keene & Associates Inc.’s holdings in Devon Energy were worth $1,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Legacy Investment Solutions LLC bought a new position in Devon Energy during the 3rd quarter worth approximately $8,002,000. Bridgewater Associates LP acquired a new stake in shares of Devon Energy during the third quarter worth $9,426,000. Petrus Trust Company LTA raised its stake in Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the last quarter. CIBC Asset Management Inc raised its stake in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. lifted its holdings in Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after buying an additional 198,193 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DVN. Mizuho lowered their price objective on 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 upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Friday, January 3rd. Wells Fargo & Company cut 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. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.26.

Devon Energy Stock Performance

NYSE DVN opened at $34.98 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company has a fifty day moving average price of $34.26 and a 200-day moving average price of $38.41. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The firm has a market cap of $22.98 billion, a price-to-earnings ratio of 6.49, a PEG ratio of 1.08 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. As a group, equities research analysts predict that Devon Energy Co. will post 4.68 EPS for the current fiscal year.

Devon Energy 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.