Castle Rock Wealth Management LLC, a financial management firm, has increased its holdings in Devon Energy Co. (NYSE:DVN) by 16.1% in the second quarter, as stated in its recent filing with the Securities and Exchange Commission (SEC). The firm now owns 17,583 shares of Devon Energy’s stock after acquiring an additional 2,442 shares during the quarter. Based on Castle Rock Wealth Management LLC’s most recent filing with the SEC, these shares are valued at $853,000.
Devon Energy is a well-known energy company that recently released its quarterly earnings results on Tuesday, August 1st. In that report, it was revealed that the company had earned $1.18 per share (EPS) for the quarter which matched the consensus estimate of analysts. Devon Energy also achieved a net margin of 28.10% and a return on equity of 37.89%. The company generated revenue of $3.45 billion during the quarter, surpassing the consensus estimate of $3.26 billion.
However, compared to the same quarter last year, Devon Energy experienced a decline in revenue by 38.6%. In the previous year’s corresponding quarter, it had posted earnings per share of $2.59. Analysts predict that for this fiscal year, Devon Energy Co. will report earnings per share (EPS) of 5.61.
These recent events surrounding Castle Rock Wealth Management LLC’s increased holdings in Devon Energy and the divergence between this year’s and last year’s quarterly revenues have generated notable interest within the financial industry. Investors and analysts alike are keeping a close eye on Devon Energy and will likely continue to monitor their performance throughout this fiscal year.
In conclusion, Castle Rock Wealth Management LLC has demonstrated confidence in Devon Energy Co., increasing its position in the company during Q2-2023 according to their latest SEC filing. While Devon Energy met analysts’ expectations in terms of quarterly earnings per share, the company did experience a significant decline in revenue compared to the same period last year. The financial industry eagerly awaits further updates from Devon Energy as they navigate through these challenging times.
Devon Energy Corporation
Updated on: 29/11/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
1:00 PM (UTC)
Date:29 November, 2023
|Analyst / firm||Rating|
Institutional Investors Increase Holdings in Devon Energy, Analysts Provide Mixed Ratings
Devon Energy, a leading energy company, has seen modifications in its holdings by institutional investors. Simplicity Solutions LLC, for instance, has significantly increased its holdings in Devon Energy by 247.3% during the first quarter of this year. With an additional purchase of 21,442 shares, Simplicity Solutions LLC now owns a total of 30,114 shares valued at $1,524,000.
Another institutional investor that has taken action regarding their holdings in Devon Energy is Clear Creek Financial Management LLC. They have experienced a slight increase of 6.7% in their holdings during the same period as Simplicity Solutions LLC. After purchasing an extra 546 shares, Clear Creek Financial Management LLC now possesses a total of 8,656 shares valued at $438,000.
Similarly, VitalStone Financial LLC has witnessed a significant surge in their holdings by an impressive 615.7%. By acquiring an additional 26,352 shares in the first quarter alone, VitalStone Financial now owns 30,632 shares worth $1,354,000.
ProShare Advisors LLC also grew its position in Devon Energy by approximately 9.8% during the first quarter. With an added purchase of 16,361 shares in this period, ProShare Advisors now holds a total of 183,900 shares valued at $9,307,000.
Finally, Aviva PLC increased their position by 23.4% during the fourth quarter of last year. After acquiring an impressive extra 69,819 shares in that time frame alone – Aviva PLC possesses a total of 368,272 shares valued at around $16.,394000.
It is worth noting that hedge funds and other institutional investors currently own approximately 68.34% of Devon Energy’s stock.
Several brokerages have provided reports on Devon Energy (DVN) as well. Morgan Stanley has raised its price objective on Devon Energy from $49.00 to $50.00 and has designated the company as having an “equal weight” rating. UBS Group has also raised their target price on Devon Energy from $53.00 to $55.00 and given the company a “neutral” rating.
StockNews.com has recently initiated coverage on Devon Energy, issuing a “sell” rating for the company. Stifel Nicolaus has raised their target price on DVN stock from $77.00 to $79.00 and provided a “buy” rating.
The Goldman Sachs Group upgraded Devon energy from a “neutral” rating to a “buy” rating and lowered the target price of the stock from $63.00 to $58. Bloomberg reports that Devon Energy currently holds a consensus rating of “Moderate Buy” with an average target price of $63.72.
In other news, executive vice president Dennis C. Cameron sold 7,870 shares of Devon Energy’s stock in early August at an average price of $51.13 per share, resulting in a total transaction value of $402,393.10. After completing this sale, Cameron now directly owns 210,548 shares valued at approximately $10,765,319.
To summarize Devon Energy’s recent performance in the market, shares opened at $49.68 on September 17th, indicating stability within the stock pricing range recently observed by investors.
With its steady market cap of $31