Devon Energy Co. (NYSE:DVN) Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in Devon Energy Co. (NYSE:DVN) by 80.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 611,135 shares of the energy company’s stock after selling 2,581,684 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Devon Energy were worth $20,412,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of DVN. Legacy Investment Solutions LLC acquired a new position in shares of Devon Energy during the third quarter valued at approximately $8,002,000. Bridgewater Associates LP acquired a new position in Devon Energy in the 3rd quarter worth approximately $9,426,000. Petrus Trust Company LTA increased its stake in Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares during the period. CIBC Asset Management Inc boosted its position in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. grew its stake in shares of Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after buying an additional 198,193 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 1.3 %

Shares of Devon Energy stock opened at $34.68 on Monday. The company has a market capitalization of $22.78 billion, a price-to-earnings ratio of 6.43, a P/E/G ratio of 1.04 and a beta of 1.98. The business has a fifty day simple moving average of $34.27 and a two-hundred day simple moving average of $38.53. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on DVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. TD Cowen cut their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Piper Sandler upped their target price on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.45.

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.