Bank of New York Mellon Corp Grows Stock Position in Devon Energy Corporation $DVN

Bank of New York Mellon Corp boosted its stake in Devon Energy Corporation (NYSE:DVN) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,005,657 shares of the energy company’s stock after acquiring an additional 214,041 shares during the quarter. Bank of New York Mellon Corp’s holdings in Devon Energy were worth $146,727,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DVN. AQR Capital Management LLC boosted its stake in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Sourcerock Group LLC boosted its stake in shares of Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after buying an additional 1,672,824 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Devon Energy by 446.7% during the 4th quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company’s stock valued at $45,286,000 after buying an additional 1,010,170 shares during the last quarter. MUFG Securities EMEA plc raised its position in shares of Devon Energy by 7,667.4% during the 4th quarter. MUFG Securities EMEA plc now owns 943,817 shares of the energy company’s stock valued at $34,572,000 after acquiring an additional 931,666 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Devon Energy by 704.3% during the 3rd quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company’s stock valued at $34,187,000 after acquiring an additional 853,875 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the firm’s 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 directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 4.58% of the company’s stock.

Key Headlines Impacting Devon Energy

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?

Devon Energy Trading Down 3.8%

NYSE:DVN opened at $44.27 on Friday. 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 Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The firm has a market capitalization of $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.37. The stock has a fifty day simple moving average of $47.61 and a 200 day simple moving average of $42.75.

Devon Energy (NYSE:DVN) last released its quarterly 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 company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the business earned $0.82 EPS. The company’s revenue for the quarter was down 14.5% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Corporation will post 4.41 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio is 26.74%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DVN. Wolfe Research upped their price target on Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Argus raised their price target on Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Raymond James Financial raised Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price target on the stock in a report on Tuesday, May 5th. Royal Bank Of Canada raised their target price on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Finally, Truist Financial raised their target price on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Two 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.89.

Devon Energy 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.