Clear Creek Financial Management LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

by · The Markets Daily

Clear Creek Financial Management LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 7.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,193 shares of the energy company’s stock after buying an additional 409 shares during the quarter. Clear Creek Financial Management LLC’s holdings in Devon Energy were worth $242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of DVN. Diversify Advisory Services LLC purchased a new position in shares of Devon Energy during the first quarter valued at about $246,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Devon Energy by 68.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 173,601 shares of the energy company’s stock worth $8,514,000 after purchasing an additional 70,354 shares during the period. Daiwa Securities Group Inc. grew its holdings in Devon Energy by 21.7% in the first quarter. Daiwa Securities Group Inc. now owns 70,802 shares of the energy company’s stock worth $3,553,000 after purchasing an additional 12,619 shares during the period. Mutual of America Capital Management LLC grew its holdings in Devon Energy by 8.1% in the first quarter. Mutual of America Capital Management LLC now owns 161,471 shares of the energy company’s stock worth $8,103,000 after purchasing an additional 12,123 shares during the period. Finally, Financial Counselors Inc. grew its holdings in Devon Energy by 15.4% in the first quarter. Financial Counselors Inc. now owns 6,960 shares of the energy company’s stock worth $349,000 after purchasing an additional 929 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 2.2 %

Shares of Devon Energy stock opened at $39.15 on Tuesday. The company has a market cap of $24.52 billion, a price-to-earnings ratio of 7.11, a price-to-earnings-growth ratio of 1.19 and a beta of 2.03. The company’s 50 day moving average is $41.04 and its 200 day moving average is $45.24. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the firm earned $1.18 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis. Research analysts anticipate that Devon Energy Co. will post 4.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on DVN shares. Jefferies Financial Group started coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Barclays cut their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. UBS Group cut their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Mizuho dropped their target price on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $52.53.

Get Our Latest Research Report on Devon Energy

Devon Energy Profile

(Free Report)

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.

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