State of Wyoming Acquires New Stake in Devon Energy Corporation $DVN

State of Wyoming acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 17,247 shares of the energy company’s stock, valued at approximately $632,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TD Private Client Wealth LLC grew its stake in Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after purchasing an additional 236 shares in the last quarter. Catalyst Financial Partners LLC boosted its position in shares of Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after acquiring an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its position in shares of Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after acquiring an additional 257 shares in the last quarter. Murphy Pohlad Asset Management LLC boosted its position in shares of Devon Energy by 0.3% during the 4th quarter. Murphy Pohlad Asset Management LLC now owns 113,537 shares of the energy company’s stock worth $4,159,000 after acquiring an additional 295 shares in the last quarter. Finally, Aprio Wealth Management LLC boosted its position in shares of Devon Energy by 4.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after acquiring an additional 297 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of several analyst reports. Barclays upped their price objective on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Raymond James Financial raised Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price objective for the company in a research report on Tuesday, May 5th. Piper Sandler upped their target price on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. UBS Group decreased their target price on Devon Energy from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Finally, Evercore assumed coverage on Devon Energy in a research report on Friday, May 15th. They issued an “in-line” rating and a $54.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

More Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Wells Fargo initiated/ reiterated a Buy rating on Devon Energy, adding to the recent stream of analyst support that can help offset near-term weakness. Wells Fargo Releases a Buy Rating on Devon Energy (DVN)
• Positive Sentiment: Roth MKM also rated Devon Energy Buy, reinforcing the view that analysts still see upside in the stock. Devon Energy (DVN) Gets a Buy from Roth MKM
• Neutral Sentiment: Devon Energy filed a prospectus supplement to register up to 175,000 shares tied to a Coterra merger conversion; this is a routine securities filing, though investors may be watching it for any dilution or transaction-related implications. Devon Energy Registers Shares Tied to Coterra Merger Conversion
• Neutral Sentiment: Several articles noted Devon has been drawing attention because of broader energy-sector valuation trends and Marcellus asset speculation, but these pieces do not point to a specific new catalyst. Why Is Devon Energy Corporation (NYSE:DVN) Drawing Attention Amid Marcellus Asset Speculation?
• Negative Sentiment: Coverage noting Devon Energy is still down since its last earnings report suggests investors remain focused on the company’s softer post-earnings performance and subdued follow-through. Why Is Devon Energy (DVN) Down 0.9% Since Last Earnings Report?

Devon Energy Stock Down 3.8%

Devon Energy stock opened at $44.27 on Friday. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The stock has a 50 day moving average of $47.61 and a two-hundred day moving average of $42.75. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.37.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s quarterly revenue was down 14.5% on a year-over-year basis. During the same period last year, the company posted $0.82 earnings per share. As a group, research analysts expect that Devon Energy Corporation will post 4.41 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.