Eastern Bank Increases Stake in Devon Energy Corporation $DVN

Eastern Bank increased its stake in Devon Energy Corporation (NYSE:DVN) by 23,119.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 69,659 shares of the energy company’s stock after buying an additional 69,359 shares during the period. Eastern Bank’s holdings in Devon Energy were worth $2,878,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its stake in Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after purchasing an additional 212,074 shares during the period. Geode Capital Management LLC boosted its holdings 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. grew its stake in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after buying an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after buying an additional 235,561 shares during the period. Finally, Kimmeridge Energy Management Company LLC grew its stake in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after buying an additional 3,195,862 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy News Summary

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

• Positive Sentiment: Q2 results exceeded expectations. Devon reported adjusted earnings of $1.57 per share, above the $1.40 consensus estimate, while revenue reached $7.42 billion versus expectations of $6.01 billion. Revenue increased 73.1% year over year, and earnings rose from $0.84 per share in the prior-year quarter. Devon Energy Reports Strong Q2 CY2026
• Positive Sentiment: Cash generation and shareholder returns were robust. The company reported $3.7 billion in operating cash flow and $1.7 billion in adjusted free cash flow, returning $1.063 billion through dividends, buybacks and debt reduction. The board also approved a 33% increase in the fixed quarterly dividend to $0.32 per share. Devon Energy Reports Second-Quarter Profit
• Positive Sentiment: Production and forward guidance were constructive. Second-quarter oil production averaged 503,000 barrels per day, at the high end of guidance. Devon expects third-quarter production of 1.66 million to 1.69 million barrels of oil equivalent per day, reflecting the expanded post-merger operating base. Capital spending was also 2% below the guidance midpoint.
• Neutral Sentiment: Devon announced the acquisition of 16,300 net acres in the Delaware Basin for $2.6 billion. The move could strengthen its long-term growth inventory, although investors will assess the purchase price and integration following the Coterra merger.
• Neutral Sentiment: Devon and HXMX will present research showing that AI-based geological interpretation matched expert geoscientists in a Williston Basin study. The potential efficiency benefits are encouraging, but the presentation is unlikely to materially affect near-term earnings. HXMX AI and Devon Energy Study
• Negative Sentiment: Two Devon executives reported open-market share sales during the past six months. These transactions are relatively small compared with the company’s market value, but they may add a modest negative signal for sentiment.

Wall Street Analysts Forecast Growth

DVN has been the topic of several research reports. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. UBS Group lowered their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Finally, Susquehanna raised their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.56.

Devon Energy Price Performance

Devon Energy stock opened at $44.01 on Wednesday. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The firm has a fifty day moving average of $43.56 and a 200-day moving average of $44.79. The firm has a market capitalization of $27.34 billion, a P/E ratio of 12.26 and a beta of 0.38. 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 earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 EPS. As a group, analysts predict that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 35.65%.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value 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 $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the company’s 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 completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 112,371 shares of company stock valued at $5,258,059 over the last three months. 4.58% of the stock is owned by company insiders.

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.