Devon Energy Corporation $DVN Stock Holdings Increased by RWC Asset Management LLP

RWC Asset Management LLP increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 33.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 453,945 shares of the energy company’s stock after acquiring an additional 114,125 shares during the quarter. RWC Asset Management LLP’s holdings in Devon Energy were worth $20,900,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of DVN. Morningstar Investment Management LLC lifted its holdings in Devon Energy by 51.1% during the 1st quarter. Morningstar Investment Management LLC now owns 86,151 shares of the energy company’s stock worth $4,335,000 after purchasing an additional 29,124 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Devon Energy in the 2nd quarter valued at $33,504,000. Illinois Municipal Retirement Fund boosted its stake in Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after purchasing an additional 26,209 shares during the period. NewEdge Wealth LLC grew its holdings in Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after buying an additional 80,000 shares in the last quarter. Finally, Artemis Investment Management LLP grew its holdings in Devon Energy by 103.8% in the 3rd quarter. Artemis Investment Management LLP now owns 1,465,225 shares of the energy company’s stock valued at $67,459,000 after buying an additional 746,360 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: Higher oil prices are the main catalyst. Brent and U.S. crude moved above $100 per barrel, improving expectations for Devon’s production revenue, cash flow and shareholder returns. Oil Stocks Rally as Oil Price Tops $103
• Positive Sentiment: Portfolio optimization is supporting the investment case. Devon’s planned $4.2 billion cash sale of its Eagle Ford assets is viewed as a move toward higher-return assets and could provide capital for debt reduction, buybacks or dividends. Investors are also watching for additional strategic actions following the Coterra merger. Devon Energy gains as oil strength and portfolio-optimization hopes support shares
• Positive Sentiment: Earnings expectations remain constructive. Analysts expect third-quarter EPS of approximately $1.22, with potential for another estimate beat based on Devon’s recent history. Double-digit year-over-year EPS growth and steady oil-weighted output could reinforce the company’s cash-flow story when results are released in early November. Q3 Earnings Preview Might Change the Case for Investing in Devon Energy
• Positive Sentiment: Several analysts continue to view DVN as undervalued relative to its cash-flow potential. Reported institutional filings also showed significant additions by large investors, while published price targets have a median of $62 versus the recent share price near $51. Devon Energy Is Still a Compelling Energy Buy
• Neutral Sentiment: Unusually high call-option activity and the new 52-week high indicate strong bullish trading interest, but they may also increase volatility ahead of earnings. Devon Energy Stock Sees Unusually High Call Option Buying
• Negative Sentiment: A Seeking Alpha analysis downgraded DVN, arguing that production or growth may face an “oil wall.” The stock’s roughly 62% five-year gain also raises valuation concerns if earnings and oil prices do not continue improving. Devon Energy Hitting an Oil Wall

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on DVN shares. Susquehanna increased their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Barclays boosted their target price on shares of Devon Energy from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. Truist Financial decreased their price target on shares of Devon Energy from $65.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Seaport Research Partners started coverage on shares of Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.72.

Insider Activity at Devon Energy

In other news, CEO Clay Gaspar purchased 3,913 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This represents a 8.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is currently owned by insiders.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $2.16 during trading on Friday, reaching $51.34. 13,271,761 shares of the company traded hands, compared to its average volume of 8,705,307. The firm has a market capitalization of $56.48 billion, a PE ratio of 12.20, a PEG ratio of 1.30 and a beta of 0.49. Devon Energy Corporation has a 52 week low of $31.65 and a 52 week high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average is $48.58 and its two-hundred day moving average is $46.34.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. Devon Energy’s revenue was up 73.1% on a year-over-year basis. During the same quarter last year, the business earned $0.84 earnings per share. As a group, sell-side analysts predict that Devon Energy Corporation will post 5.39 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.32 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. Devon Energy’s payout ratio is presently 30.40%.

Devon Energy Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.