Rockefeller Capital Management L.P. Has $10.95 Million Stake in Devon Energy Corporation $DVN

Rockefeller Capital Management L.P. trimmed its position in shares of Devon Energy Corporation (NYSE:DVN) by 5.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 298,876 shares of the energy company’s stock after selling 16,131 shares during the period. Rockefeller Capital Management L.P.’s holdings in Devon Energy were worth $10,948,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the fourth quarter worth about $25,000. Accredited Wealth Management LLC boosted its stake in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the period. Ameriflex Group Inc. boosted its stake in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares during the period. MV Capital Management Inc. acquired a new stake in Devon Energy in the 4th quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy in the 4th quarter valued at approximately $29,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 1.5%

Shares of DVN opened at $42.72 on Thursday. 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 firm has a market capitalization of $26.54 billion, a price-to-earnings ratio of 11.90 and a beta of 0.37. The stock’s 50-day moving average price is $46.10 and its 200 day moving average price is $43.47.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the business posted $0.82 EPS. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. As a group, research analysts predict that Devon Energy Corporation will post 4.97 earnings per share 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 $0.32 dividend. The ex-dividend date is Monday, June 15th. This is a positive change 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 dividend payout ratio is currently 35.65%.

Key Devon Energy News

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

• Neutral Sentiment: Devon announced the final results of its private exchange offers and consent solicitations for existing Coterra Energy notes, with settlement expected on or about June 25. The company said strong participation in several note series should help reshape its debt profile, which may support financial flexibility over time. Article link
• Neutral Sentiment: Investor commentary noted that Devon has been moving with the energy sector as crude oil prices fell to their lowest level since the start of recent Middle East tensions eased. Lower oil prices are a headwind for upstream producers like DVN because they can reduce expected cash flow and earnings. Article link
• Neutral Sentiment: Devon also participated in the J.P. Morgan Energy, Power & Renewables Conference, but the available information does not indicate any major new guidance or catalyst from that event. Article link
• Neutral Sentiment: Analyst tone remains generally constructive overall, with recent reports including an “Overweight” rating from Morgan Stanley and a median price target above the current trading range, which may help limit downside sentiment. Article link
• Negative Sentiment: Devon’s stock also reacted to a broader selloff in oil and gas names after crude prices weakened, a direct negative for DVN and other energy producers. Article link

Insider Activity at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction 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 in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

DVN has been the topic of several recent analyst reports. Morgan Stanley lifted their price target on Devon Energy from $59.00 to $66.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Truist Financial increased their price objective on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Argus raised their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, June 10th. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Finally, Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.96.

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.