Castle Rock Wealth Management LLC increases its holdings in Devon Energy Co. At a time when the company is facing declining revenues
Castle Rock Wealth Management LLC, a financial management firm, increased its holdings in Devon Energy Co (NYSE:DVN) by 16.1% in the second quarter, as stated in its latest filing with the Securities and Exchange Commission (SEC). The company now owns 17,583 shares of Devon Energy stock after acquiring an additional 2,442 shares during the quarter. Based on Castle Rock Wealth Management LLC’s most recent filing with the Securities and Exchange Commission, these shares are worth $853,000.
Devon Energy is a well-known energy company that recently released its quarterly earnings results on Tuesday, August 1st. In this report, it is revealed that the company has earned $1.18 per share (EPS) for the quarter which is in line with analysts’ consensus estimates. 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, beating consensus estimates of $3.26 billion.
However, compared to the same quarter last year, Devon Energy saw revenue decline by 38.6%. In the corresponding quarter of the previous year, earnings per share were $2.59. Analysts expect that for this fiscal year, Devon Energy will report earnings per share (EPS) of 5.61.
These recent events surrounding the increase in Castle Rock Wealth Management LLC’s holdings in Devon Energy and the difference between this year’s and last year’s quarterly revenues have generated notable interest within the financial industry. Investors and analysts alike are watching Devon Energy closely and will likely continue to monitor its performance throughout this financial year.
In conclusion, Castle Rock Wealth Management LLC has shown confidence in Devon Energy Co., increasing its position in the company during the second quarter of 2023 according to its most recent filings with the Securities and Exchange Commission. While Devon Energy met analyst expectations in terms of quarterly earnings per share, the company saw a significant decline in revenue compared to the same period last year. The financial industry is eagerly awaiting further updates from Devon Energy as they navigate these challenging times.
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Date: September 18, 2023
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Institutional investors increase their holdings in Devon Energy, and analysts offer mixed ratings
Devon Energy, a leading energy company, has seen its holdings reshuffled by institutional investors. For example, Simplicity Solutions LLC significantly increased its holdings in Devon Energy by 247.3% during the first quarter of this year. With the purchase of an additional 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 on its holdings in Devon Energy is Clear Creek Financial Management LLC. They saw a slight 6.7% increase in their holdings over the same period as Simplicity Solutions LLC. After purchasing an additional 546 shares, Clear Creek Financial Management LLC now owns a total of 8,656 shares worth $438,000.
Likewise, VitalStone Financial LLC saw its holdings soar by a staggering 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 strengthened its position in Devon Energy by approximately 9.8% during the first quarter. With the additional 16,361 shares purchased in this period, ProShare Advisors now owns a total of 183,900 shares worth $9,307,000.
Finally, Aviva PLC increased its position by 23.4% during the fourth quarter of last year. After acquiring an impressive additional 69,819 shares in this time frame alone – Aviva PLC owns a total of 368,272 shares worth approximately $16,394,000.
It is worth noting that hedge funds and other institutional investors currently own approximately 68.34% of Devon Energy shares.
Several brokerage firms reported on Devon Energy (DVN) as well. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the company an “equal weight” rating. UBS Group also raised its price target on Devon Energy from $53.00 to $55.00 and gave the company a “neutral” rating.
StockNews.com recently began coverage of Devon Energy, issuing a “sell” rating for the company. Stifel Nicolaus raised his price target on DVN stock from $77.00 to $79.00 and gave a “buy” rating.
Goldman Sachs upgraded Devon Energy from a “neutral” rating to a “buy” rating and lowered its price target on the stock from $63.00 to $58. Devon Energy currently has a consensus rating of “Moderate Buy” with an average price target of $63.72, Bloomberg reported.
In other news, Executive Vice President Dennis C. Cameron sold 7,870 shares of Devon Energy stock in early August at an average price of $51.13 per share, resulting in a total transaction value of $402,393.10. Following the completion of this sale, Cameron now directly owns 210,548 shares, valued at approximately $10,765,319.
To summarize Devon Energy’s recent market performance, shares opened at $49.68 on September 17, indicating stability within the stock’s pricing range that investors have observed recently.
With a constant market value of $31
