Sovran Advisors LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Sovran Advisors LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 59,731 shares of the energy company's stock, valued at approximately $1,955,000.

A number of other institutional investors also recently made changes to their positions in DVN. Essex Financial Services Inc. lifted its stake in Devon Energy by 129.5% in the fourth quarter. Essex Financial Services Inc. now owns 21,291 shares of the energy company's stock worth $697,000 after acquiring an additional 12,015 shares during the period. Summit Trail Advisors LLC lifted its holdings in shares of Devon Energy by 80.0% during the fourth quarter. Summit Trail Advisors LLC now owns 19,904 shares of the energy company's stock valued at $651,000 after purchasing an additional 8,844 shares during the last quarter. Four Tree Island Advisory LLC bought a new stake in Devon Energy in the fourth quarter worth $419,000. Stiles Financial Services Inc increased its holdings in shares of Devon Energy by 8.0% during the fourth quarter. Stiles Financial Services Inc now owns 55,013 shares of the energy company's stock valued at $1,801,000 after acquiring an additional 4,054 shares in the last quarter. Finally, WCM Investment Management LLC raised its holdings in Devon Energy by 130.9% in the fourth quarter. WCM Investment Management LLC now owns 44,999 shares of the energy company's stock worth $1,439,000 after buying an additional 25,511 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Raymond James raised their target price on shares of Devon Energy from $53.00 to $54.00 and gave the stock an "outperform" rating in a report on Thursday, January 23rd. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Tuesday, November 26th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price target on the stock in a research note on Wednesday, January 15th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.45.

Devon Energy Trading Up 2.4 %

DVN traded up $0.84 during trading on Tuesday, reaching $35.10. The company had a trading volume of 9,473,220 shares, compared to its average volume of 9,367,016. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business has a 50 day simple moving average of $34.41 and a 200-day simple moving average of $38.87. The stock has a market cap of $23.05 billion, a P/E ratio of 6.51, a PEG ratio of 1.04 and a beta of 1.98. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

About Devon Energy

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.