Ritholtz Wealth Management Buys 38,408 Shares of Devon Energy Corporation $DVN

Ritholtz Wealth Management increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 57.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 105,230 shares of the energy company’s stock after purchasing an additional 38,408 shares during the period. Ritholtz Wealth Management’s holdings in Devon Energy were worth $5,295,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DVN. Wedge Capital Management L L P NC bought a new stake in shares of Devon Energy in the 4th quarter valued at about $9,931,000. Investors Research Corp boosted its stake in Devon Energy by 13,787.5% during the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock worth $1,017,000 after acquiring an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC boosted its stake in Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after acquiring an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $2,089,000. Finally, LSV Asset Management grew its holdings in Devon Energy by 79.6% during the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after purchasing an additional 354,500 shares during the period. Institutional investors own 69.72% of the company’s stock.

Key Headlines Impacting 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

Shares of DVN opened at $42.54 on Friday. The firm has a market cap of $26.43 billion, a P/E ratio of 11.85 and a beta of 0.37. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The firm’s 50 day moving average price is $46.05 and its two-hundred day moving average price is $43.50.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) 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 company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the company earned $0.82 EPS. The firm’s revenue was down 14.5% on a year-over-year basis. On average, analysts forecast that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. Devon Energy’s dividend payout ratio is currently 35.65%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group cut their target price on shares of Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, June 10th. TD Cowen boosted their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Argus upped their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Jefferies Financial Group raised their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.96.

Insiders Place Their Bets

In related 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 transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred 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 directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 112,371 shares of company stock worth $5,258,059. Corporate 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.