Wealthfront Advisers LLC Cuts Position in Devon Energy Corporation $DVN

Wealthfront Advisers LLC lowered its stake in shares of Devon Energy Corporation (NYSE:DVN) by 9.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 251,886 shares of the energy company’s stock after selling 27,386 shares during the period. Wealthfront Advisers LLC’s holdings in Devon Energy were worth $8,831,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in DVN. Caldwell Trust Co purchased a new stake in shares of Devon Energy during the 2nd quarter worth approximately $25,000. PFS Partners LLC acquired a new position in Devon Energy during the third quarter worth $25,000. First Horizon Corp acquired a new position in Devon Energy during the third quarter worth $26,000. ORG Partners LLC boosted its position in Devon Energy by 65.7% during the third quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock worth $31,000 after purchasing an additional 352 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Devon Energy in the second quarter valued at $34,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 3.5%

Shares of DVN opened at $44.98 on Thursday. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $45.02. The stock has a fifty day moving average of $37.97 and a two-hundred day moving average of $35.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. The company has a market capitalization of $28.22 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 3.80 and a beta of 0.61.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their price target on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. Benchmark restated a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. Argus upgraded shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, November 26th. Wolfe Research raised their price objective on shares of Devon Energy from $49.00 to $57.00 in a research note on Tuesday, February 3rd. Finally, Barclays raised Devon Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $42.00 to $50.00 in a research note on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.24.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.