Northwestern Mutual Wealth Management Co. Acquires 112,166 Shares of Devon Energy Corporation $DVN

Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 413.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 139,291 shares of the energy company’s stock after acquiring an additional 112,166 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Devon Energy were worth $5,102,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Accredited Wealth Management LLC raised its position in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after acquiring an additional 308 shares in the last quarter. Ameriflex Group Inc. raised its position in Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares in the last quarter. Neo Ivy Capital Management bought a new position in Devon Energy during the third quarter valued at approximately $31,000. Olistico Wealth LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $31,000. Finally, Salomon & Ludwin LLC raised its position in Devon Energy by 182.6% during the fourth quarter. Salomon & Ludwin LLC now owns 910 shares of the energy company’s stock valued at $33,000 after acquiring an additional 588 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were 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 of the company’s stock, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.71% of the company’s stock.

Devon Energy Trading Up 0.4%

Shares of DVN stock opened at $47.29 on Friday. Devon Energy Corporation has a 1 year low of $30.24 and a 1 year high of $52.71. The firm’s fifty day simple moving average is $48.14 and its 200 day simple moving average is $41.94. The firm has a market capitalization of $29.38 billion, a P/E ratio of 13.17 and a beta of 0.43. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced 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). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the firm posted $0.82 EPS. The company’s revenue was down 14.5% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy Corporation will post 5.15 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s payout ratio is presently 26.74%.

Devon Energy News Roundup

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

• Positive Sentiment: Devon announced a major $2.6 billion acquisition of 16,300 net undeveloped acres in the core Delaware Basin, adding about 400 drilling locations and extending its long-term inventory. The company says the acreage has favorable economics, strong productivity, and will be funded with cash while keeping its credit profile intact. Article Title
• Positive Sentiment: Morgan Stanley raised its price target on DVN to $66 from $59 and kept an overweight rating, signaling Wall Street sees upside from current levels.
• Positive Sentiment: Devon also said it completed merger-related integration steps with Coterra and launched note exchange offers, which may help simplify and manage the combined capital structure after the deal. Article Title
• Neutral Sentiment: Zacks users have been heavily searching for Devon Energy, which mainly reflects elevated investor attention rather than a direct fundamental change. Article Title
• Neutral Sentiment: Zacks Research mostly kept a Strong Buy view, but cut several near- and medium-term EPS estimates for Devon, which could modestly temper sentiment around future earnings.
• Negative Sentiment: Devon’s recent exchange offers require eligible Coterra noteholders to accept slightly less than full principal value in the new notes and cash package, which is a mild negative for those holders even if it helps Devon manage debt after the merger.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. TD Cowen lifted their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. Royal Bank Of Canada lifted their price target on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. Sanford C. Bernstein lifted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Roth Mkm reissued a “buy” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, April 28th. Finally, Morgan Stanley lifted their price target on shares of Devon Energy from $59.00 to $66.00 and gave the company an “overweight” rating in a research report on Thursday. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.30.

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.