North Dakota State Investment Board Makes New $781,000 Investment in Devon Energy Corporation $DVN

North Dakota State Investment Board purchased a new stake in Devon Energy Corporation (NYSE:DVN) in the 4th quarter, Holdings Channel.com reports. The firm purchased 21,314 shares of the energy company’s stock, valued at approximately $781,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after buying an additional 560,652 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after buying an additional 552,068 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Devon Energy by 29.3% in the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after buying an additional 1,862,720 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of Devon Energy by 5.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 4,712,190 shares of the energy company’s stock valued at $165,210,000 after buying an additional 246,179 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Devon Energy by 3.4% in the 3rd quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company’s stock valued at $115,234,000 after buying an additional 106,824 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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 transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research reports. UBS Group decreased their price target on shares of Devon Energy from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Evercore initiated coverage on shares of Devon Energy in a report on Friday, May 15th. They issued an “in-line” rating and a $54.00 price target for the company. Wells Fargo & Company lifted their price target on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday. Finally, Sanford C. Bernstein lifted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.04.

More Devon Energy News

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

• Positive Sentiment: Jefferies raised its view on Devon Energy, lifting its price target and saying the company has multiple catalysts that could drive shares higher, including benefits tied to recent deal activity and other operational tailwinds. Jefferies Sees Multiple Catalysts Driving Devon Energy (DVN) Higher after Coterra Deal
• Positive Sentiment: Wells Fargo maintained a favorable outlook on Devon Energy, and Jim Cramer also highlighted DVN on CNBC, saying the company has “tremendous natural gas,” which adds to the bullish sentiment around the stock. Cramer Flags AI Winners, Warns STMicro Is ‘Late Late Late’ At 51x Earnings
• Positive Sentiment: Devon’s recent earnings-call highlights emphasized cash generation and synergy opportunities, reinforcing the idea that management sees room to improve profitability and shareholder returns. Devon Energy Earnings Call Highlights Cash, Synergies
• Neutral Sentiment: Broader energy-sector strength has helped support DVN, with energy stocks outperforming this year and analysts still seeing upside in select names. Energy Stocks Are Up 33% This Year — Analysts Think 5 Will Jump
• Negative Sentiment: Oil-price volatility remains a risk: if Iran-U.S. talks progress, crude prices could fall quickly, which would pressure sentiment for energy producers like Devon Energy. Oil Could Drop Fast If the Iran Talks Succeed. Here’s How to Hedge Your Energy Portfolio.

Devon Energy Trading Down 2.5%

Shares of NYSE:DVN opened at $48.46 on Thursday. The company has a market cap of $30.12 billion, a PE ratio of 13.50 and a beta of 0.43. The company’s 50-day moving average price is $48.03 and its 200 day moving average price is $41.80. Devon Energy Corporation has a fifty-two week low of $30.24 and a fifty-two week high of $52.71. 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 during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. Sell-side analysts anticipate that Devon Energy Corporation will post 5.25 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is 26.74%.

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.