Allspring Global Investments Reduces Stake in Devon Energy Co.

Allspring Global Investments Holdings LLC has significantly reduced its stake in Devon Energy Co. (NYSE:DVN) by 80.9% during the fourth quarter, according to recent reports. Following the sale of 2,581,684 shares, the firm now holds 611,135 shares of the energy company's stock, valued at approximately $20,412,000 as per their latest filing with the Securities and Exchange Commission.

In addition to Allspring, several other institutional investors have also adjusted their positions in Devon Energy. Legacy Investment Solutions LLC initiated a new investment in the third quarter, valued at roughly $8,002,000. Meanwhile, Bridgewater Associates LP also acquired a new stake in Devon Energy during the same period, amounting to around $9,426,000. Petrus Trust Company LTA increased its holdings by a remarkable 394.7%, owning 21,827 shares after purchasing an additional 17,415 shares in the last quarter, equating to a valuation of $854,000.

CIBC Asset Management Inc. raised its stake by 6.3% in the third quarter and now controls 107,182 shares, worth approximately $4,193,000. Smead Capital Management Inc. also grew its investment in Devon Energy by 3.5%, now owning 5,879,516 shares, valued at about $230,007,000 after adding 198,193 shares. Collectively, institutional investors own about 69.72% of Devon Energy's total stock.

Current Trading Situation for Devon Energy

As of Monday, shares of Devon Energy traded at $34.68, with a market capitalization of $22.78 billion. The company has a price-to-earnings (P/E) ratio of 6.43, a P/E/G ratio of 1.04, and a beta value of 1.98. Its fifty-day simple moving average is $34.27, while the two-hundred-day moving average stands at $38.53. Over the past year, Devon Energy has seen a low of $30.39 and a high of $55.09. Additionally, the company maintains a debt-to-equity ratio of 0.61, a current ratio of 1.11, and a quick ratio of 1.01.

Analyst Ratings Overview

Recently, various analysts have provided their views on Devon Energy shares. On January 10th, Royal Bank of Canada reaffirmed a “sector perform” rating, setting a price target of $50.00. Conversely, TD Cowen revised their target down from $54.00 to $46.00 while maintaining a “hold” rating on the stock. Wolfe Research upgraded Devon Energy from “peer perform” to “outperform,” setting a price target of $45.00 in early January. Piper Sandler also increased the target price from $53.00 to $54.00, rating the stock as “overweight.” Meanwhile, Mizuho lowered their price target from $51.00 to $47.00 but retained an “outperform” classification. Overall, nine analysts rate the stock as a hold, while fourteen recommend buying. According to MarketBeat.com data, the consensus rating for Devon Energy’s shares currently stands at “Moderate Buy,” with an average price target of $49.45.

About Devon Energy Corporation

Devon Energy Corporation is an independent energy company engaged in the exploration, development, and production of oil, natural gas, and natural gas liquids across multiple regions in the United States, including Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. Founded in 1971, Devon Energy is headquartered in Oklahoma City, Oklahoma.

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