Sumitomo Mitsui Trust Group Inc. Sells 60,559 Shares of Devon Energy Corporation $DVN

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Devon Energy Corporation (NYSE:DVN) by 3.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,694,277 shares of the energy company’s stock after selling 60,559 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.27% of Devon Energy worth $85,256,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy during the fourth quarter valued at about $25,000. MV Capital Management Inc. purchased a new position in shares of Devon Energy in the 4th quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy in the 4th quarter worth approximately $29,000. Olistico Wealth LLC bought a new position in shares of Devon Energy during the 4th quarter worth approximately $31,000. Finally, Elyxium Wealth LLC bought a new position in shares of Devon Energy during the 4th quarter worth approximately $31,000. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy 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 completion of the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,371 shares of company stock worth $5,258,059 in the last 90 days. Insiders own 4.58% of the company’s stock.

More Devon Energy News

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

• Positive Sentiment: Analysts have recently lifted earnings expectations for Devon Energy ahead of its August 4 earnings report, with revisions pointing to year-over-year growth in both earnings and revenue. That kind of estimate momentum can support the stock if investors start focusing more on improving fundamentals than on short-term sector swings. What Devon Energy (DVN)’s Upgraded Earnings Expectations and Estimate Revisions Mean For Shareholders
• Positive Sentiment: Several recent pieces argue Devon Energy still looks reasonably priced, with one analysis calling the stock undervalued after its Coterra notes exchange and another noting the shares still appear cheap relative to earnings and long-term performance. That valuation argument can attract buyers looking for value in energy names. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange Devon Energy (DVN) Stock Still Looks Reasonable As Cease Fire Hits Oil
• Neutral Sentiment: RBC Capital initiated coverage with a Hold rating, signaling a wait-and-see stance rather than a strong bullish or bearish call. Devon Energy (DVN) Gets a Hold from RBC Capital
• Neutral Sentiment: Devon also got a lower price target from Truist and JPMorgan, but both firms still appear constructive overall, with Truist keeping a Buy rating. These moves may cap enthusiasm, but they do not signal a major thesis break. Devon Energy (NYSE:DVN) Price Target Cut to $61.00 by Analysts at Truist Financial Devon Energy (NYSE:DVN) Price Target Lowered to $55.00 at JPMorgan Chase & Co.
• Negative Sentiment: Activist investor Kimmeridge criticized Devon’s pace of asset sales after the Coterra transaction, saying the divestment effort is moving too slowly. That kind of public pushback can pressure sentiment if investors worry management is not unlocking value fast enough. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg

Devon Energy Stock Performance

NYSE:DVN traded up $0.18 during trading hours on Friday, hitting $42.20. 6,860,603 shares of the company were exchanged, compared to its average volume of 14,285,571. The stock has a market capitalization of $26.22 billion, a price-to-earnings ratio of 11.75 and a beta of 0.38. 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 current ratio of 1.01 and a quick ratio of 0.94. The company’s 50 day moving average price is $44.83 and its 200-day moving average price is $43.82.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the prior year, the business posted $0.82 EPS. The company’s quarterly revenue was down 14.5% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corporation will post 4.78 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 35.65%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on DVN shares. Wells Fargo & Company increased their target price on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. UBS Group cut their price target on shares of Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, June 10th. Morgan Stanley reduced their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.56.

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.