Signal Advisors Wealth LLC Sells 68,257 Shares of Devon Energy Corporation $DVN

Signal Advisors Wealth LLC cut its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 83.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,677 shares of the energy company’s stock after selling 68,257 shares during the quarter. Signal Advisors Wealth LLC’s holdings in Devon Energy were worth $688,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the fourth quarter worth $25,000. Accredited Wealth Management LLC grew its holdings 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. Ameriflex Group Inc. increased its position in shares of 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 purchasing an additional 702 shares during the period. MV Capital Management Inc. bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at $29,000. 69.72% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction 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 Devon Energy stock in a transaction on 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 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 in the last three months. Insiders own 4.58% of the company’s stock.

Key Headlines 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

Devon Energy Trading Down 1.5%

Shares of DVN stock opened at $42.72 on Thursday. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month high of $52.71. The company has a market capitalization of $26.54 billion, a P/E ratio of 11.90 and a beta of 0.37. The firm has a 50-day moving average price of $46.10 and a 200 day moving average price of $43.47. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 earnings per share. Research analysts forecast that Devon Energy Corporation will post 4.97 earnings per share 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 given a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. Devon Energy’s dividend payout ratio is currently 35.65%.

Analyst Ratings Changes

Several brokerages recently commented on DVN. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a research report on Monday. Morgan Stanley raised their price objective 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. Argus lifted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Sanford C. Bernstein increased their price target on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Finally, Wells Fargo & Company lifted their price objective on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Two 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.96.

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.