Natixis Advisors LLC Sells 20,670 Shares of Devon Energy Corporation $DVN

Natixis Advisors LLC reduced its position in Devon Energy Corporation (NYSE:DVN) by 12.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,320 shares of the energy company’s stock after selling 20,670 shares during the quarter. Natixis Advisors LLC’s holdings in Devon Energy were worth $5,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. boosted its position in shares of Devon Energy by 5.0% in the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after purchasing an additional 560,652 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 6.3% in the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock worth $327,938,000 after purchasing an additional 552,068 shares during the period. AQR Capital Management LLC boosted its position in shares of Devon Energy by 29.3% in the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock worth $288,306,000 after purchasing an additional 1,862,720 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Devon Energy by 3.4% in the third quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company’s stock worth $115,234,000 after purchasing an additional 106,824 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. BMO Capital Markets boosted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Morgan Stanley boosted their target price on shares of Devon Energy from $59.00 to $66.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Scotiabank boosted their target price on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Argus boosted their target price on shares of Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Devon Energy News Summary

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

Devon Energy Price Performance

DVN stock opened at $45.11 on Tuesday. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71. The company’s fifty day moving average price is $47.48 and its 200-day moving average price is $42.87. 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 company has a market capitalization of $28.03 billion, a PE ratio of 12.56 and a beta of 0.38.

Devon Energy (NYSE:DVN) last released 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 business had revenue of $3.81 billion for 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%. Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.82 EPS. On average, equities analysts anticipate that Devon Energy Corporation will post 4.41 EPS for the current fiscal year.

Devon Energy Increases Dividend

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

Insiders Place Their Bets

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Adam M. Vela sold 24,342 shares of the company’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 sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The SEC filing for this sale provides additional information. 4.58% of the stock is owned by corporate insiders.

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.