Brandywine Global Investment Management LLC Buys 432,294 Shares of Devon Energy Corporation $DVN

Brandywine Global Investment Management LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 63.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,111,510 shares of the energy company’s stock after purchasing an additional 432,294 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Devon Energy were worth $40,715,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 5.0% during the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after buying an additional 560,652 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 6.3% during the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock worth $327,938,000 after buying an additional 552,068 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Devon Energy by 29.3% during the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock worth $288,306,000 after buying an additional 1,862,720 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Devon Energy by 5.6% during the fourth quarter. Bank of New York Mellon Corp now owns 4,005,657 shares of the energy company’s stock worth $146,727,000 after buying an additional 214,041 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Barclays lifted their target price on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Evercore assumed coverage on Devon Energy in a report on Friday, May 15th. They set an “in-line” rating and a $54.00 target price for the company. Raymond James Financial raised Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 target price for the company in a report on Tuesday, May 5th. Finally, UBS Group dropped their target price on Devon Energy from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Stock Performance

Devon Energy stock opened at $44.27 on Monday. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month high of $52.71. 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 business’s 50-day moving average price is $47.61 and its two-hundred day moving average price is $42.81. The stock has a market cap of $27.51 billion, a PE ratio of 12.33 and a beta of 0.38.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.82 EPS. As a group, analysts expect that Devon Energy Corporation will post 4.41 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 26.74%.

Key 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?

Insider Activity

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the business’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 sale, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 4.58% 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.