Devon Energy Corporation $DVN Stake Raised by Bernzott Capital Advisors

Bernzott Capital Advisors lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 18.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 122,210 shares of the energy company’s stock after buying an additional 19,189 shares during the period. Devon Energy makes up about 2.9% of Bernzott Capital Advisors’ investment portfolio, making the stock its 19th largest holding. Bernzott Capital Advisors’ holdings in Devon Energy were worth $6,150,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in DVN. First National Bank & Trust Co. of Newtown bought a new position in Devon Energy in the 1st quarter worth approximately $202,000. Kestra Advisory Services LLC raised its stake in Devon Energy by 20.9% during the 1st quarter. Kestra Advisory Services LLC now owns 119,953 shares of the energy company’s stock valued at $6,036,000 after acquiring an additional 20,727 shares in the last quarter. Resona Asset Management Co. Ltd. raised its stake in Devon Energy by 1.4% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 182,825 shares of the energy company’s stock valued at $9,243,000 after acquiring an additional 2,483 shares in the last quarter. Greenwood Capital Associates LLC boosted its position in Devon Energy by 11.5% during the 1st quarter. Greenwood Capital Associates LLC now owns 99,117 shares of the energy company’s stock worth $4,988,000 after acquiring an additional 10,246 shares during the period. Finally, Lmcg Investments LLC boosted its position in Devon Energy by 12.2% during the 1st quarter. Lmcg Investments LLC now owns 63,206 shares of the energy company’s stock worth $3,181,000 after acquiring an additional 6,858 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on DVN shares. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Royal Bank Of Canada lifted their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Scotiabank upped their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Citigroup increased their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Finally, Mizuho raised their target price on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Price Performance

NYSE:DVN opened at $42.05 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. The business’s 50-day moving average price is $45.01 and its 200 day moving average price is $43.83. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The firm has a market cap of $26.13 billion, a P/E ratio of 11.71 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued 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 business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the company posted $0.82 earnings per share. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.81 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Devon Energy News Roundup

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

• Positive Sentiment: Devon completed a settlement tied to Coterra notes, exchanging Coterra Energy senior debt for new Devon-issued notes and cash. Investors may see the move as a liability-reshaping step that supports financial flexibility and could help the company after its large Coterra deal. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange
• Neutral Sentiment: Truist lowered its price target on Devon Energy to $61 from $66 but kept a buy rating, while JPMorgan cut its target to $55 from $62 and maintained overweight. The cuts signal a softer near-term view, but both firms still see upside from current levels. Analyst price target changes
• Negative Sentiment: Kimmeridge Energy Management criticized Devon’s asset-sale efforts as too slow after the company’s Coterra transaction, suggesting investors remain concerned that monetization and portfolio optimization may be taking longer than expected. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg
• Negative Sentiment: Kimmeridge also faulted the pace of Devon’s divestment program, reinforcing concerns that the company may face continued shareholder pressure to move faster on asset sales. Kimmeridge Faults Pace of Devon Energy’s Asset-Sale Efforts

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction that occurred on 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 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 SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 over the last ninety days. Insiders own 4.58% of the company’s stock.

Devon Energy Company 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.