Westerkirk Capital Inc. Increases Holdings in Devon Energy Corporation $DVN

Westerkirk Capital Inc. raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 55.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,300 shares of the energy company’s stock after buying an additional 22,500 shares during the quarter. Westerkirk Capital Inc.’s holdings in Devon Energy were worth $2,319,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in DVN. Woodline Partners LP raised its stake in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy in the second quarter worth $403,000. Jump Financial LLC raised its stake in shares of Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Key Devon Energy News

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

Insider Activity

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

Devon Energy Stock Performance

Shares of DVN opened at $45.11 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71. The firm has a market capitalization of $28.03 billion, a P/E ratio of 12.56 and a beta of 0.38. The business has a fifty day moving average of $47.48 and a 200 day moving average of $42.87.

Devon Energy (NYSE:DVN) last issued 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). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the firm earned $0.82 EPS. The business’s revenue was down 14.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.41 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s dividend payout ratio is presently 26.74%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on DVN shares. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Susquehanna boosted their price target on Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a research note on Tuesday, April 21st. Mizuho boosted their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Scotiabank boosted their price target on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Morgan Stanley boosted their price target on Devon Energy from $59.00 to $66.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.67.

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.