89,457 Shares in Devon Energy Corporation $DVN Bought by Gunderson Capital Management LLC

Gunderson Capital Management LLC bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 89,457 shares of the energy company’s stock, valued at approximately $4,501,000. Devon Energy accounts for about 1.9% of Gunderson Capital Management LLC’s holdings, making the stock its 28th biggest position.

A number of other hedge funds have also recently bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the fourth quarter valued at about $25,000. Accredited Wealth Management LLC increased its stake in Devon Energy by 61.6% during 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 period. Ameriflex Group Inc. increased its stake in Devon Energy by 702.0% during 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 period. MV Capital Management Inc. acquired a new position in Devon Energy in the 4th quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy in the 4th quarter valued at approximately $29,000. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on DVN. Barclays lifted their price objective on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Truist Financial raised their target price on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Sanford C. Bernstein lifted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Scotiabank boosted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, 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 research note on Wednesday, June 10th. Three research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.85.

Devon Energy News Roundup

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

• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, which can boost sentiment by signaling greater confidence in the company’s outlook. Zacks.com
• Positive Sentiment: Analyst and investor coverage continues to point to Devon as an attractive E&P name, with commentary noting cheaper valuation, a higher yield, and stronger return on equity than Diamondback Energy. Devon or Diamondback: Which E&P Stock Is the Better Investment?
• Positive Sentiment: Wall Street coverage has highlighted bullish hedge fund positioning and meaningful upside potential, reinforcing the view that DVN remains a value-and-income play for investors. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Devon has been among the more searched stocks on Zacks, which suggests rising investor attention but does not by itself change fundamentals. Investors Heavily Search Devon Energy Corporation (DVN): Here is What You Need to Know
• Neutral Sentiment: Devon completed a note exchange that simplifies its capital structure, a generally positive balance-sheet move, though the immediate stock impact is likely limited. Devon Energy Simplifies Capital Structure With Note Exchange
• Negative Sentiment: Toms Capital taking a top-five stake adds activist pressure for operational improvements and potential asset sales, increasing uncertainty around Devon’s post-merger strategy and capital allocation. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake

Devon Energy Price Performance

Devon Energy stock opened at $42.18 on Friday. The business has a 50 day simple moving average of $45.99 and a 200 day simple moving average of $43.49. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market capitalization of $26.21 billion, a PE ratio of 11.75 and a beta of 0.37. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last announced 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 company 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 earned $0.82 earnings per share. The business’s revenue was down 14.5% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

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

Insider Transactions at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated 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 completion of the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by insiders.

Devon Energy Company 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.