Contravisory Investment Management Inc. Invests $9.86 Million in Devon Energy Corporation $DVN

Contravisory Investment Management Inc. bought a new stake in Devon Energy Corporation (NYSE:DVN) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 196,012 shares of the energy company’s stock, valued at approximately $9,863,000. Devon Energy comprises 2.0% of Contravisory Investment Management Inc.’s holdings, making the stock its 11th largest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of DVN. Tobam boosted its holdings in shares of Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after purchasing an additional 230 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in shares of Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares during the last quarter. Catalyst Financial Partners LLC boosted its stake 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 during the last quarter. Cary Street Partners Investment Advisory LLC boosted its stake 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 during the last quarter. Finally, Zions Bancorporation National Association UT grew its holdings in Devon Energy by 7.9% in the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after buying an additional 258 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Devon Energy

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

• Positive Sentiment: Devon completed its private exchange offers for outstanding Coterra-related notes, with strong participation across several maturities, including some series tendered at very high rates. The transaction simplifies Devon’s capital structure and should improve financial flexibility. Devon Energy Simplifies Capital Structure With Note Exchange
• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, reinforcing the bullish analyst view that the stock may still have meaningful upside from current levels. Zacks.com article on Goldman Sachs upgrade
• Positive Sentiment: Wall Street commentary highlighted Devon’s valuation appeal, with analysts and hedge-fund positioning pointing to substantial upside potential and broad institutional interest in the shares. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Analyst and investor commentary continues to frame Devon as a financially stable, cash-generating energy producer, supported by a large institutional base and a disciplined capital-return model. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Recent articles also note continued interest from hedge funds and other institutions, but the signal is mixed because some major holders have added while others have cut exposure. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake
• Negative Sentiment: DVN has also faced renewed activist pressure after Toms Capital built a top-five stake, adding scrutiny to management’s post-merger plans and raising the possibility of asset sales or strategic changes. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake
• Negative Sentiment: Broader energy-sector weakness tied to declining crude prices has been weighing on Devon Energy shares, as lower oil prices pressure producer earnings and investor sentiment. Devon Energy Stock (DVN) Opinions on Declining Oil Prices

Devon Energy Stock Performance

NYSE DVN opened at $42.54 on Friday. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The stock has a 50-day moving average of $46.05 and a two-hundred day moving average of $43.50. The company has a market cap of $26.43 billion, a P/E ratio of 11.85 and a beta of 0.37. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

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 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 during the quarter, compared to analyst estimates of $4.34 billion. During the same period last year, the business earned $0.82 EPS. The firm’s revenue was down 14.5% compared to the same quarter last year. As a group, analysts anticipate that Devon Energy Corporation will post 4.97 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 paid a dividend of $0.32 per share. 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 dividend yield of 3.0%. Devon Energy’s payout ratio is presently 35.65%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Roth Mkm reaffirmed a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Sanford C. Bernstein boosted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Royal Bank Of Canada upped their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. JPMorgan Chase & Co. assumed coverage on shares of Devon Energy in a research report on Monday, June 8th. They set an “overweight” rating and a $62.00 price objective for the company. Finally, Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.96.

Insider Buying and Selling

In related news, SVP Adam M. Vela sold 24,342 shares of the 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 transaction, the senior vice president owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 112,371 shares of company stock worth $5,258,059. Corporate 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.