State of Wyoming Acquires New Shares in Devon Energy Corporation $DVN

State of Wyoming 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 17,247 shares of the energy company’s stock, valued at approximately $632,000.

Several other hedge funds have also recently bought and sold shares of DVN. TD Private Client Wealth LLC increased its position in Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after buying an additional 236 shares in the last quarter. Catalyst Financial Partners LLC increased its position in Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after buying an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its position in Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after buying an additional 257 shares in the last quarter. Murphy Pohlad Asset Management LLC increased its position in Devon Energy by 0.3% during the fourth quarter. Murphy Pohlad Asset Management LLC now owns 113,537 shares of the energy company’s stock worth $4,159,000 after buying an additional 295 shares in the last quarter. Finally, Aprio Wealth Management LLC increased its position in Devon Energy by 4.1% during the third quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after buying an additional 297 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

More Devon Energy News

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 Ratings Changes

DVN has been the subject of several recent research reports. Raymond James Financial raised Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price target for the company in a research report on Tuesday, May 5th. Mizuho raised their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Sanford C. Bernstein raised their price target on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Finally, Truist Financial raised their price objective on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.89.

Insiders Place Their Bets

In related 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 value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by company insiders.

Devon Energy Price Performance

DVN stock opened at $44.27 on Friday. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The stock’s fifty day simple moving average is $47.61 and its 200-day simple moving average is $42.75. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.37.

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). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the business posted $0.82 EPS. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.41 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. The ex-dividend date is Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. 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.