Eurizon Capital SGR S.p.A. Invests $2.78 Million in Devon Energy Corporation $DVN

Eurizon Capital SGR S.p.A. purchased a new position in Devon Energy Corporation (NYSE:DVN) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 75,749 shares of the energy company’s stock, valued at approximately $2,775,000.

A number of other large investors have also recently made changes to their positions in DVN. AQR Capital Management LLC boosted its holdings in shares of Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the period. Sourcerock Group LLC boosted its holdings in shares of Devon Energy by 2,132.3% in the second quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock worth $55,708,000 after acquiring an additional 1,672,824 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Devon Energy by 446.7% in the fourth quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company’s stock worth $45,286,000 after acquiring an additional 1,010,170 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Devon Energy by 704.3% in the third quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company’s stock worth $34,187,000 after acquiring an additional 853,875 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Devon Energy in the third quarter worth $24,766,000. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on DVN shares. Capital One Financial cut their price target on Devon Energy from $64.00 to $63.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. TD Cowen raised their price target on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Scotiabank raised their price target on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Evercore initiated coverage on Devon Energy in a report on Friday, May 15th. They issued an “in-line” rating and a $54.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $57.96.

Devon Energy News Summary

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

• Positive Sentiment: Reports that Stone Ridge has offered about $8 billion for Devon’s Marcellus assets have fueled investor hopes that the company can unlock value and streamline its portfolio. Stone Ridge tables $8bn bid for Devon Energy’s Marcellus assets
• Positive Sentiment: Devon’s stock was also helped by a stronger energy sector overall, as oil and gas shares rose alongside a gain in the NYSE Energy Sector Index. Sector Update: Energy Stocks Gain Monday Afternoon
• Positive Sentiment: Mizuho raised its price target on Devon Energy to $68 from $62 and reiterated an Outperform rating, citing support from higher oil prices. Mizuho Raises Devon Energy (DVN) Price Target as Higher Oil Prices Support Outlook
• Neutral Sentiment: Devon’s recent $2.6 billion Delaware Basin acreage acquisition adds to its long-term production base, but the move is more of a strategic growth update than an immediate stock catalyst. Devon Energy Corporation (DVN) Boosts Delaware Basin Position with $2.6B Acquisition
• Negative Sentiment: Devon’s stock had already surged recently, so some of the move may reflect short-term momentum rather than a fresh fundamental change. Devon Energy Corp (DVN) Shares Surge 4.1% — What GF Score of 79 Tells Investors

Devon Energy Trading Up 4.0%

NYSE DVN opened at $46.28 on Tuesday. The stock’s 50-day simple moving average is $47.91 and its two-hundred day simple moving average is $42.51. Devon Energy Corporation has a twelve month low of $30.75 and a twelve month high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $28.76 billion, a price-to-earnings ratio of 12.89 and a beta of 0.38.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during 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 firm’s quarterly revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 EPS. Research analysts forecast that Devon Energy Corporation will post 4.24 EPS for the current fiscal year.

Devon Energy Increases Dividend

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

Insider Activity

In other news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated 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 owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by insiders.

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.