29,683 Shares in Devon Energy Corporation $DVN Acquired by RHL Group LLC

RHL Group LLC purchased a new position in Devon Energy Corporation (NYSE:DVN) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 29,683 shares of the energy company’s stock, valued at approximately $1,087,000. Devon Energy comprises 0.9% of RHL Group LLC’s investment portfolio, making the stock its 16th largest position.

Several other large investors have also recently added to or reduced their stakes in the business. TD Private Client Wealth LLC increased its position in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after acquiring an additional 236 shares during the period. Catalyst Financial Partners LLC increased its position in Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after acquiring an additional 254 shares during the period. Aprio Wealth Management LLC increased its position in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock valued at $264,000 after acquiring an additional 297 shares during the period. Accredited Wealth Management LLC increased its position in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after acquiring an additional 308 shares during the period. Finally, Lindenwold Advisors INC increased its position in Devon Energy by 1.2% in the 3rd quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company’s stock valued at $950,000 after acquiring an additional 314 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.1%

Shares of DVN stock opened at $47.29 on Monday. Devon Energy Corporation has a 1 year low of $30.24 and a 1 year high of $52.71. The stock has a market cap of $29.38 billion, a PE ratio of 13.17 and a beta of 0.43. The business’s fifty day moving average is $48.14 and its 200-day moving average is $42.01. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the business posted $0.82 earnings per share. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities analysts expect that Devon Energy Corporation will post 5.15 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business 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. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 26.74%.

Analyst Ratings Changes

DVN has been the topic of several analyst reports. Roth Mkm restated a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Evercore began coverage on Devon Energy in a research report on Friday, May 15th. They issued an “in-line” rating and a $54.00 target price on the stock. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Mizuho lifted their price target on Devon Energy from $51.00 to $62.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. Finally, Wells Fargo & Company lifted their price target on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.30.

Key Stories Impacting Devon Energy

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

• Positive Sentiment: Devon announced a major $2.6 billion acquisition of 16,300 net undeveloped acres in the core Delaware Basin, adding about 400 drilling locations and extending its long-term inventory. The company says the acreage has favorable economics, strong productivity, and will be funded with cash while keeping its credit profile intact. Article Title
• Positive Sentiment: Morgan Stanley raised its price target on DVN to $66 from $59 and kept an overweight rating, signaling Wall Street sees upside from current levels.
• Positive Sentiment: Devon also said it completed merger-related integration steps with Coterra and launched note exchange offers, which may help simplify and manage the combined capital structure after the deal. Article Title
• Neutral Sentiment: Zacks users have been heavily searching for Devon Energy, which mainly reflects elevated investor attention rather than a direct fundamental change. Article Title
• Neutral Sentiment: Zacks Research mostly kept a Strong Buy view, but cut several near- and medium-term EPS estimates for Devon, which could modestly temper sentiment around future earnings.
• Negative Sentiment: Devon’s recent exchange offers require eligible Coterra noteholders to accept slightly less than full principal value in the new notes and cash package, which is a mild negative for those holders even if it helps Devon manage debt after the merger.

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 directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.71% of the company’s stock.

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.