RWC Asset Management LLP Takes Position in Devon Energy Corporation $DVN

RWC Asset Management LLP purchased a new stake in Devon Energy Corporation (NYSE:DVN) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 198,442 shares of the energy company’s stock, valued at approximately $7,269,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Syon Capital LLC increased its holdings in shares of Devon Energy by 4.7% in the 4th quarter. Syon Capital LLC now owns 20,155 shares of the energy company’s stock valued at $738,000 after acquiring an additional 907 shares during the period. ING Groep NV increased its holdings in shares of Devon Energy by 125.5% in the 4th quarter. ING Groep NV now owns 185,069 shares of the energy company’s stock valued at $6,779,000 after acquiring an additional 103,004 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Devon Energy in the 4th quarter valued at $99,000. Havemeyer Place LP purchased a new position in shares of Devon Energy in the 4th quarter valued at $870,000. Finally, BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Devon Energy by 462.1% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 159,808 shares of the energy company’s stock valued at $5,854,000 after acquiring an additional 131,377 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy News Summary

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 Stock Down 0.0%

Shares of DVN stock opened at $44.27 on Monday. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The stock’s fifty day moving average price is $47.61 and its 200 day moving average price is $42.81. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced 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 return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, research 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 disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.32 dividend. This is a boost 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 2.9%. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s dividend payout ratio is currently 26.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wall Street Zen downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Sanford C. Bernstein lifted their price target on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Raymond James Financial upgraded Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 target price on the stock in a research note on Tuesday, May 5th. Piper Sandler boosted their target price on Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Finally, Roth Mkm restated a “buy” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Two 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 company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.89.

Insider Transactions at Devon Energy

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

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.