Penserra Capital Management LLC Raises Stake in Devon Energy Corporation $DVN

Penserra Capital Management LLC lifted its position in Devon Energy Corporation (NYSE:DVN) by 25,964.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 14,075 shares of the energy company’s stock after purchasing an additional 14,021 shares during the period. Penserra Capital Management LLC’s holdings in Devon Energy were worth $492,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. AQR Capital Management LLC grew its stake in Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Devon Energy by 83.9% during the second 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 buying an additional 2,083,600 shares during the period. Sourcerock Group LLC lifted its position in Devon Energy by 2,132.3% in the second 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 last quarter. Prudential Financial Inc. increased its stake in shares of Devon Energy by 93.4% in the second quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock worth $47,916,000 after buying an additional 727,532 shares during the period. Finally, American Century Companies Inc. increased its position in shares of Devon Energy by 44.6% in the second quarter. American Century Companies Inc. now owns 1,638,065 shares of the energy company’s stock valued at $52,107,000 after acquiring an additional 505,382 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 1.6%

Shares of Devon Energy stock opened at $43.88 on Monday. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $44.00. The firm has a market cap of $27.53 billion, a price-to-earnings ratio of 10.32, a PEG ratio of 3.83 and a beta of 0.61. The company has a 50-day moving average of $37.59 and a 200 day moving average of $35.38. 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 Ratings Changes

DVN has been the topic of a number of research analyst reports. Morgan Stanley reduced their price target on Devon Energy from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Mizuho set a $51.00 target price on Devon Energy in a research note on Tuesday, February 3rd. Scotiabank raised their price target on Devon Energy from $41.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 3rd. Johnson Rice decreased their price objective on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, December 5th. Finally, Jefferies Financial Group lifted their target price on shares of Devon Energy from $33.00 to $36.00 and gave the company a “hold” rating in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.97.

Devon Energy 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.