Woodard & Co. Asset Management Expands Stake in Devon Energy

Woodard & Co. Asset Management Group Inc. ADV has recently acquired a new position in Devon Energy Co. (NYSE:DVN) during the fourth quarter, as revealed in its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 45,434 shares of Devon Energy, with an estimated value of about $1,487,000.

Institutional Buying Trends

In addition to Woodard's stake, several other hedge funds have also participated in buying and selling shares of Devon Energy recently. For instance, Capital Performance Advisors LLP initiated a new position in the third quarter valued at $35,000. True Wealth Design LLC significantly increased its holdings by an impressive 3,889.3% during the same quarter, now owning 1,117 shares worth $44,000 after adding 1,089 shares. Another fund, Hazlett Burt & Watson Inc., raised its stake by 29.8%, acquiring an additional 290 shares, bringing its total to 1,263 shares valued at $49,000. Likewise, Activest Wealth Management improved its position by 60.4%, now holding 1,275 shares valued at $50,000 after purchasing an additional 480 shares. Lastly, Sierra Ocean LLC also entered a new stake in Devon Energy in the fourth quarter, valued at $43,000. Overall, institutional investors control approximately 69.72% of the stock.

Stock Performance Overview

As of Monday, shares of Devon Energy (DVN) opened at $34.68. The energy company has a 50-day moving average of $34.27 and a 200-day moving average of $38.53. Its debt-to-equity ratio stands at 0.61, accompanied by a quick ratio of 1.01 and a current ratio of 1.11. With a market capitalization of $22.78 billion, its price-to-earnings (P/E) ratio is noted at 6.43 and a PEG ratio of 1.04, with a beta of 1.98. Over the last twelve months, the stock has ranged between a low of $30.39 and a high of $55.09.

Analysts Offer Price Predictions

Equity analysts have been actively assessing Devon Energy. Wolfe Research upgraded the company from a "peer perform" rating to an "outperform" rating, setting a new price target of $45.00 as of January 3rd. Conversely, TD Cowen revised their price target down from $54.00 to $46.00, maintaining a "hold" rating. Similarly, Mizuho also lowered its target from $51.00 to $47.00 while keeping an "outperform" rating. In another report, JPMorgan Chase & Co. changed its stance from an "overweight" rating to "neutral," with a new price target of $43.00. Royal Bank of Canada affirmed a "sector perform" rating with a price objective of $50.00. Current data shows that nine analysts rate the stock as a hold while fourteen provide a buy rating. The consensus rating is classified as a "Moderate Buy" with an average price target of $49.45.

About Devon Energy

Devon Energy Corporation is an independent energy firm involved in exploring, developing, and producing oil, natural gas, and natural gas liquids across the United States. Its operations span various regions, including Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. Founded in 1971, Devon Energy is headquartered in Oklahoma City, Oklahoma.

investment, energy, stocks