ABC Arbitrage SA Makes New $2.47 Million Investment in Devon Energy Co. (NYSE:DVN)

ABC Arbitrage SA purchased a new position in Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 75,539 shares of the energy company's stock, valued at approximately $2,472,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock worth $619,747,000 after buying an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Devon Energy in the third quarter worth about $461,857,000. Pacer Advisors Inc. increased its stake in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC bought a new position in shares of Devon Energy in the third quarter worth about $408,653,000. Finally, Victory Capital Management Inc. increased its stake in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company's stock worth $390,079,000 after purchasing an additional 361,968 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on DVN shares. Sanford C. Bernstein upgraded Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a research note on Wednesday, January 15th. TD Cowen dropped their price objective on Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Citigroup dropped their price objective on Devon Energy from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Tuesday, November 26th. Raymond James lifted their price objective on Devon Energy from $53.00 to $54.00 and gave the stock an "outperform" rating in a research note on Thursday, January 23rd. Finally, JPMorgan Chase & Co. lowered Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price objective on the stock. in a research note on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $49.26.

Devon Energy Price Performance

Shares of DVN stock traded up $0.34 during trading hours on Tuesday, hitting $34.98. The company had a trading volume of 10,217,967 shares, compared to its average volume of 9,296,485. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The firm has a market capitalization of $22.98 billion, a price-to-earnings ratio of 6.49, a PEG ratio of 1.04 and a beta of 1.98. The firm's fifty day moving average is $34.26 and its 200 day moving average is $38.41. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. On average, sell-side 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.