Ritholtz Wealth Management Acquires 38,408 Shares of Devon Energy Corporation $DVN

Ritholtz Wealth Management lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 57.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 105,230 shares of the energy company’s stock after buying an additional 38,408 shares during the period. Ritholtz Wealth Management’s holdings in Devon Energy were worth $5,295,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the fourth quarter worth about $25,000. MV Capital Management Inc. bought a new position in Devon Energy in the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $29,000. Ameriflex Group Inc. increased its position in shares of Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after purchasing an additional 702 shares during the last quarter. Finally, Accredited Wealth Management LLC raised its stake in shares of Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock valued at $5,258,059 over the last ninety days. 4.58% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DVN. Barclays increased their price objective on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Susquehanna upped their price target on shares of Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Zacks Research cut shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Finally, Mizuho boosted their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Three research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.96.

Devon Energy News Summary

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

• Positive Sentiment: Devon completed its private exchange offers for outstanding Coterra-related notes, with strong participation across several maturities, including some series tendered at very high rates. The transaction simplifies Devon’s capital structure and should improve financial flexibility. Devon Energy Simplifies Capital Structure With Note Exchange
• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, reinforcing the bullish analyst view that the stock may still have meaningful upside from current levels. Zacks.com article on Goldman Sachs upgrade
• Positive Sentiment: Wall Street commentary highlighted Devon’s valuation appeal, with analysts and hedge-fund positioning pointing to substantial upside potential and broad institutional interest in the shares. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Analyst and investor commentary continues to frame Devon as a financially stable, cash-generating energy producer, supported by a large institutional base and a disciplined capital-return model. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Recent articles also note continued interest from hedge funds and other institutions, but the signal is mixed because some major holders have added while others have cut exposure. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake
• Negative Sentiment: DVN has also faced renewed activist pressure after Toms Capital built a top-five stake, adding scrutiny to management’s post-merger plans and raising the possibility of asset sales or strategic changes. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake
• Negative Sentiment: Broader energy-sector weakness tied to declining crude prices has been weighing on Devon Energy shares, as lower oil prices pressure producer earnings and investor sentiment. Devon Energy Stock (DVN) Opinions on Declining Oil Prices

Devon Energy Stock Performance

Shares of NYSE DVN opened at $42.54 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $26.43 billion, a P/E ratio of 11.85 and a beta of 0.37. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71. The stock has a 50 day moving average of $46.05 and a 200-day moving average of $43.50.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter last year, the company posted $0.82 EPS. The firm’s revenue was down 14.5% on a year-over-year basis. As a group, equities research analysts predict that Devon Energy Corporation will post 4.97 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.32 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio is presently 35.65%.

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.