J.W. Cole Advisors Inc. Sells 61,777 Shares of Devon Energy Corporation $DVN

J.W. Cole Advisors Inc. lessened its stake in Devon Energy Corporation (NYSE:DVN) by 58.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,025 shares of the energy company’s stock after selling 61,777 shares during the period. J.W. Cole Advisors Inc.’s holdings in Devon Energy were worth $1,512,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after buying an additional 186,743 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 5.0% in the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after buying an additional 560,652 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 6.3% in the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after buying an additional 552,068 shares during the period. AQR Capital Management LLC lifted its stake in shares of Devon Energy by 29.3% in the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after buying an additional 1,862,720 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Devon Energy by 5.6% in the fourth quarter. Bank of New York Mellon Corp now owns 4,005,657 shares of the energy company’s stock valued at $146,727,000 after acquiring an additional 214,041 shares during the period. 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 company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy News Roundup

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

• Positive Sentiment: J.P. Morgan reinstated coverage on Devon Energy with an Overweight rating and a $62 price target, signaling analyst confidence in the stock’s upside potential. Devon Energy moved to Overweight at J.P. Morgan on ‘core of the core’ acreage
• Positive Sentiment: Devon’s exchange offers for Coterra notes saw strong early tender participation, which may support the company’s restructuring and debt-management efforts. Devon Announces Results of Early Participation in Private Exchange Offers and Consent Solicitations and Extension of Deadline to Receive Total Exchange Consideration
• Positive Sentiment: Investor discussion has turned optimistic around Devon’s capital-return strategy, including its share repurchase program and higher dividend after the Coterra merger. Devon Energy Reshapes Portfolio And Capital Returns After Coterra Merger
• Neutral Sentiment: Energy stocks were broadly firmer in premarket trading, providing a supportive sector backdrop for Devon Energy. Sector Update: Energy Stocks Advance Premarket Monday
• Neutral Sentiment: One insider sale was disclosed in recent months, but this appears secondary to the larger analyst and corporate-action catalysts. Devon Energy Stock (DVN) Opinions on Analyst Coverage Reinstatement

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DVN. BMO Capital Markets upped their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Barclays upped their target price on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Mizuho upped their target price on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Jefferies Financial Group upped their target price on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Finally, UBS Group lowered their target price on shares of Devon Energy from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $45.11 on Tuesday. 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 $28.03 billion, a price-to-earnings ratio of 12.56 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The firm’s 50-day moving average price is $47.48 and its two-hundred day moving average price is $42.87.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 earnings per share. On average, equities analysts predict that Devon Energy Corporation will post 4.41 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

About Devon Energy

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.