NewEdge Wealth LLC Buys New Shares in Devon Energy Corporation $DVN

NewEdge Wealth LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 399,681 shares of the energy company’s stock, valued at approximately $14,640,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Woodline Partners LP raised its holdings in shares of Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Devon Energy in the second quarter worth approximately $403,000. Jump Financial LLC raised its stake in shares of Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after acquiring an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after purchasing an additional 8,127 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of several recent research reports. Capital One Financial reduced their target price on shares of Devon Energy from $64.00 to $63.00 and set an “overweight” rating on the stock in a report on Tuesday, April 14th. Benchmark restated a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. Siebert Williams Shank lifted their price objective on Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, January 26th. TD Cowen boosted their target price on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday, March 17th. Finally, Barclays raised their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.59.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Devon Energy Stock Performance

NYSE:DVN opened at $45.60 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm’s fifty day simple moving average is $47.32 and its 200 day simple moving average is $40.82. The stock has a market cap of $28.34 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.70 and a beta of 0.43. Devon Energy Corporation has a twelve month low of $30.24 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during 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%.The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 earnings per share. As a group, research analysts predict that Devon Energy Corporation will post 5.66 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.8%. 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. Devon Energy’s payout ratio is presently 26.74%.

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.