Park Place Capital Corp Boosts Stake in Devon Energy Co. (NYSE:DVN)

Park Place Capital Corp raised its holdings in Devon Energy Co. (NYSE:DVN) by 93.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,719 shares of the energy company’s stock after acquiring an additional 4,210 shares during the period. Park Place Capital Corp’s holdings in Devon Energy were worth $413,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of DVN. Manchester Capital Management LLC purchased a new stake in Devon Energy during the fourth quarter valued at about $28,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy during the 1st quarter valued at about $30,000. Jones Financial Companies Lllp lifted its position in Devon Energy by 104.8% in the 4th 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 purchased a new stake in Devon Energy in the fourth quarter worth approximately $36,000. Finally, LRI Investments LLC bought a new position in Devon Energy during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on DVN shares. Bank of America reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Truist Financial cut their price target on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Finally, Wells Fargo & Company reduced their price target on Devon Energy from $60.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 23rd. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.13.

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 shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.73% of the company’s stock.

Devon Energy Trading Down 2.2 %

Shares of NYSE DVN traded down $0.93 during midday trading on Monday, hitting $41.86. 7,382,515 shares of the company traded hands, compared to its average volume of 7,215,270. 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 12-month low of $40.47 and a 12-month high of $55.09. The stock has a 50-day moving average price of $46.83 and a 200 day moving average price of $47.25. The firm has a market cap of $26.46 billion, a P/E ratio of 8.17, a P/E/G ratio of 0.75 and a beta of 2.07.

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.