RWC Asset Management LLP Takes $7.27 Million Position in Devon Energy Corporation $DVN

RWC Asset Management LLP acquired a new stake in Devon Energy Corporation (NYSE:DVN) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 198,442 shares of the energy company’s stock, valued at approximately $7,269,000.

Several other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC lifted its stake in shares of Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after purchasing an additional 186,743 shares during the last quarter. Victory Capital Management Inc. lifted its stake 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 purchasing an additional 560,652 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 purchasing an additional 552,068 shares during the last quarter. AQR Capital Management LLC lifted its stake 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 purchasing an additional 1,862,720 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Devon Energy by 5.6% in the 4th quarter. Bank of New York Mellon Corp now owns 4,005,657 shares of the energy company’s stock valued at $146,727,000 after purchasing an additional 214,041 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

Shares of DVN stock opened at $44.27 on Monday. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. 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 capitalization of $27.51 billion, a P/E ratio of 12.33 and a beta of 0.38. The stock has a 50 day moving average price of $47.61 and a 200 day moving average price of $42.81.

Devon Energy (NYSE:DVN) last issued 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). The firm had revenue of $3.81 billion for 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% on a year-over-year basis. During the same period last year, the firm earned $0.82 earnings per share. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.41 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced 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 is a boost from Devon Energy’s previous quarterly dividend of $0.24. 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 2.9%. Devon Energy’s dividend payout ratio is presently 26.74%.

Devon Energy News Roundup

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

• Positive Sentiment: Wells Fargo initiated/ reiterated a Buy rating on Devon Energy, adding to the recent stream of analyst support that can help offset near-term weakness. Wells Fargo Releases a Buy Rating on Devon Energy (DVN)
• Positive Sentiment: Roth MKM also rated Devon Energy Buy, reinforcing the view that analysts still see upside in the stock. Devon Energy (DVN) Gets a Buy from Roth MKM
• Neutral Sentiment: Devon Energy filed a prospectus supplement to register up to 175,000 shares tied to a Coterra merger conversion; this is a routine securities filing, though investors may be watching it for any dilution or transaction-related implications. Devon Energy Registers Shares Tied to Coterra Merger Conversion
• Neutral Sentiment: Several articles noted Devon has been drawing attention because of broader energy-sector valuation trends and Marcellus asset speculation, but these pieces do not point to a specific new catalyst. Why Is Devon Energy Corporation (NYSE:DVN) Drawing Attention Amid Marcellus Asset Speculation?
• Negative Sentiment: Coverage noting Devon Energy is still down since its last earnings report suggests investors remain focused on the company’s softer post-earnings performance and subdued follow-through. Why Is Devon Energy (DVN) Down 0.9% Since Last Earnings Report?

Analyst Upgrades and Downgrades

DVN has been the subject of several analyst reports. Piper Sandler raised their price objective on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Truist Financial raised their price objective on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 1st. BMO Capital Markets raised their price target on Devon Energy from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Scotiabank raised their price target on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Royal Bank Of Canada raised their price target on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $57.89.

Insiders Place Their Bets

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 4.58% of the company’s stock.

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.