Rockefeller Capital Management L.P. Sells 16,131 Shares of Devon Energy Corporation $DVN

Rockefeller Capital Management L.P. reduced its stake in Devon Energy Corporation (NYSE:DVN) by 5.1% during the 4th quarter, HoldingsChannel reports. The firm owned 298,876 shares of the energy company’s stock after selling 16,131 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Devon Energy were worth $10,948,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DVN. Tobam lifted its position in shares of Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares during the period. TD Private Client Wealth LLC grew its position in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after acquiring an additional 236 shares during the period. Catalyst Financial Partners LLC raised its stake in Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after acquiring an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after acquiring an additional 257 shares in the last quarter. Finally, Zions Bancorporation National Association UT lifted its holdings in shares of Devon Energy by 7.9% during the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after acquiring an additional 258 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock opened at $42.72 on Thursday. 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 firm has a market cap of $26.54 billion, a P/E ratio of 11.90 and a beta of 0.37. The business’s fifty day moving average is $46.10 and its two-hundred day moving average is $43.47. Devon Energy Corporation has a 52 week low of $31.45 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last announced its 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 analyst estimates of $4.34 billion. During the same quarter last year, the business posted $0.82 earnings per share. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.97 earnings per share for the current fiscal 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 dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 35.65%.

Key Stories Impacting Devon Energy

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

• Neutral Sentiment: Devon announced the final results of its private exchange offers and consent solicitations for existing Coterra Energy notes, with settlement expected on or about June 25. The company said strong participation in several note series should help reshape its debt profile, which may support financial flexibility over time. Article link
• Neutral Sentiment: Investor commentary noted that Devon has been moving with the energy sector as crude oil prices fell to their lowest level since the start of recent Middle East tensions eased. Lower oil prices are a headwind for upstream producers like DVN because they can reduce expected cash flow and earnings. Article link
• Neutral Sentiment: Devon also participated in the J.P. Morgan Energy, Power & Renewables Conference, but the available information does not indicate any major new guidance or catalyst from that event. Article link
• Neutral Sentiment: Analyst tone remains generally constructive overall, with recent reports including an “Overweight” rating from Morgan Stanley and a median price target above the current trading range, which may help limit downside sentiment. Article link
• Negative Sentiment: Devon’s stock also reacted to a broader selloff in oil and gas names after crude prices weakened, a direct negative for DVN and other energy producers. Article link

Insiders Place Their Bets

In other Devon Energy news, 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 value of $3,267,553.14. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,371 shares of company stock valued at $5,258,059 in the last 90 days. 4.58% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

DVN has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. TD Cowen increased their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday, March 17th. Morgan Stanley lifted their price target on shares of Devon Energy from $59.00 to $66.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an “outperform” rating in a research report on Monday. Finally, Citigroup upped their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $58.96.

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.