51,000 Shares in Devon Energy Corporation $DVN Purchased by LGT Fund Management Co Ltd.

LGT Fund Management Co Ltd. bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 51,000 shares of the energy company’s stock, valued at approximately $2,566,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Wedge Capital Management L L P NC purchased a new position in shares of Devon Energy in the fourth quarter worth $9,931,000. Investors Research Corp grew its stake in Devon Energy by 13,787.5% during the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after acquiring an additional 27,575 shares in the last quarter. Philip James Wealth Mangement LLC increased its holdings in Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after acquiring an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC bought a new stake in Devon Energy in the 4th quarter valued at $2,089,000. Finally, LSV Asset Management lifted its stake in Devon Energy by 79.6% in the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after purchasing an additional 354,500 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy News Summary

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

• Positive Sentiment: Analysts have recently lifted earnings expectations for Devon Energy ahead of its August 4 earnings report, with revisions pointing to year-over-year growth in both earnings and revenue. That kind of estimate momentum can support the stock if investors start focusing more on improving fundamentals than on short-term sector swings. What Devon Energy (DVN)’s Upgraded Earnings Expectations and Estimate Revisions Mean For Shareholders
• Positive Sentiment: Several recent pieces argue Devon Energy still looks reasonably priced, with one analysis calling the stock undervalued after its Coterra notes exchange and another noting the shares still appear cheap relative to earnings and long-term performance. That valuation argument can attract buyers looking for value in energy names. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange Devon Energy (DVN) Stock Still Looks Reasonable As Cease Fire Hits Oil
• Neutral Sentiment: RBC Capital initiated coverage with a Hold rating, signaling a wait-and-see stance rather than a strong bullish or bearish call. Devon Energy (DVN) Gets a Hold from RBC Capital
• Neutral Sentiment: Devon also got a lower price target from Truist and JPMorgan, but both firms still appear constructive overall, with Truist keeping a Buy rating. These moves may cap enthusiasm, but they do not signal a major thesis break. Devon Energy (NYSE:DVN) Price Target Cut to $61.00 by Analysts at Truist Financial Devon Energy (NYSE:DVN) Price Target Lowered to $55.00 at JPMorgan Chase & Co.
• Negative Sentiment: Activist investor Kimmeridge criticized Devon’s pace of asset sales after the Coterra transaction, saying the divestment effort is moving too slowly. That kind of public pushback can pressure sentiment if investors worry management is not unlocking value fast enough. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg

Insider Transactions at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’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 directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by insiders.

Devon Energy Stock Performance

NYSE DVN opened at $42.20 on Monday. The company has a market cap of $26.22 billion, a P/E ratio of 11.75 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The business’s 50 day moving average price is $44.83 and its 200-day moving average price is $43.87. Devon Energy Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly 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 company had revenue of $3.81 billion during 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%.The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. Sell-side analysts predict that Devon Energy Corporation will post 4.72 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. Devon Energy’s dividend payout ratio (DPR) is 35.65%.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. UBS Group dropped their price objective on shares of Devon Energy from $60.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, June 10th. Morgan Stanley decreased their target price on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Truist Financial dropped their price target on Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Finally, Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $59.56.

Devon Energy 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.