Varma Mutual Pension Insurance Co Purchases 28,600 Shares of Devon Energy Corporation $DVN

Varma Mutual Pension Insurance Co boosted its position in Devon Energy Corporation (NYSE:DVN) by 8.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 361,470 shares of the energy company’s stock after purchasing an additional 28,600 shares during the period. Varma Mutual Pension Insurance Co owned about 0.06% of Devon Energy worth $12,673,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after acquiring an additional 2,802,137 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Devon Energy by 83.9% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after purchasing an additional 2,083,600 shares during the period. Sourcerock Group LLC grew its stake in Devon Energy by 2,132.3% in the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after purchasing an additional 1,672,824 shares during the period. Prudential Financial Inc. increased its position in shares of Devon Energy by 93.4% during the 2nd quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock valued at $47,916,000 after purchasing an additional 727,532 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Devon Energy by 44.6% during the 2nd quarter. American Century Companies Inc. now owns 1,638,065 shares of the energy company’s stock worth $52,107,000 after purchasing an additional 505,382 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 2.2%

Shares of DVN stock opened at $43.98 on Friday. The stock has a market capitalization of $27.59 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 3.95 and a beta of 0.61. The company’s fifty day simple moving average is $38.10 and its two-hundred day simple moving average is $35.65. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $45.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wolfe Research raised their price objective on shares of Devon Energy from $49.00 to $57.00 in a report on Tuesday, February 3rd. Piper Sandler decreased their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, November 18th. UBS Group set a $50.00 price target on shares of Devon Energy in a report on Wednesday, February 4th. Zacks Research lowered Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Finally, Siebert Williams Shank raised their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.24.

Devon Energy Company Profile

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.