Chesapeake Capital Corp IL Acquires New Shares in Devon Energy Corporation $DVN

Chesapeake Capital Corp IL acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,865 shares of the energy company’s stock, valued at approximately $545,000.

Other large investors have also recently added to or reduced their stakes in the company. First Horizon Corp acquired a new position in Devon Energy in the third quarter valued at approximately $26,000. Accredited Wealth Management LLC lifted its holdings in Devon Energy by 61.6% in 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 during the last quarter. Ameriflex Group Inc. lifted its holdings in Devon Energy by 702.0% in 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 during the last quarter. ORG Partners LLC lifted its holdings in Devon Energy by 65.7% in the third quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock valued at $31,000 after acquiring an additional 352 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Devon Energy in the third quarter valued at approximately $31,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

More Devon Energy News

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

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Citigroup upped their price objective on Devon Energy from $44.00 to $60.00 and gave the company a “buy” rating in a report on Monday, March 30th. Wolfe Research upped their price objective on Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Mizuho upped their price target on Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Finally, Royal Bank Of Canada upped their price target on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Devon Energy Stock Performance

NYSE:DVN opened at $45.60 on Friday. The firm has a market capitalization of $28.34 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 0.69 and a beta of 0.43. The business’s fifty day moving average price is $47.32 and its 200 day moving average price is $40.82. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.90. Devon Energy Corporation has a 12 month low of $30.24 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last posted its earnings results 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 business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.82 EPS. On average, sell-side analysts anticipate that Devon Energy Corporation will post 5.66 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

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