LGT Fund Management Co Ltd. Takes Position in Devon Energy Corporation $DVN

LGT Fund Management Co Ltd. bought a new position in Devon Energy Corporation (NYSE:DVN) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 51,000 shares of the energy company’s stock, valued at approximately $2,566,000.

Other institutional investors also recently modified their holdings of the company. Castleview Partners LLC purchased a new position in Devon Energy during the 1st quarter valued at about $204,000. Fifth Third Bancorp grew its holdings in Devon Energy by 519.0% in the first quarter. Fifth Third Bancorp now owns 214,246 shares of the energy company’s stock worth $10,781,000 after purchasing an additional 179,636 shares during the period. Triton Wealth Management PLLC increased its stake in shares of Devon Energy by 9.2% during the first quarter. Triton Wealth Management PLLC now owns 9,436 shares of the energy company’s stock valued at $455,000 after purchasing an additional 797 shares in the last quarter. Candriam S.C.A. increased its stake in shares of Devon Energy by 1.5% during the first quarter. Candriam S.C.A. now owns 30,306 shares of the energy company’s stock valued at $1,525,000 after purchasing an additional 447 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Devon Energy by 7.5% during the first quarter. Sequoia Financial Advisors LLC now owns 67,924 shares of the energy company’s stock valued at $3,418,000 after purchasing an additional 4,727 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’s 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 transaction, the senior vice president directly owned 138,529 shares in the company, 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 SEC, which is available through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction 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 completion of the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by corporate insiders.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.20 on Monday. The firm’s 50 day moving average price is $44.83 and its 200-day moving average price is $43.87. The stock has a market capitalization of $26.22 billion, a PE ratio of 11.75 and a beta of 0.38. Devon Energy Corporation has a twelve month low of $31.45 and a twelve 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.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results 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 company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the previous year, the company earned $0.82 EPS. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.72 EPS for the current year.

Devon Energy Increases Dividend

The company 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. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 3.0%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 35.65%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on DVN. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Truist Financial dropped their target price on Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday. TD Cowen boosted their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Royal Bank Of Canada raised their price target on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Finally, Argus lifted their price target on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Two 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’s stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: Analysts have recently lifted earnings expectations for Devon Energy ahead of its August 4 earnings report, with revisions pointing to year-over-year growth in both earnings and revenue. That kind of estimate momentum can support the stock if investors start focusing more on improving fundamentals than on short-term sector swings. What Devon Energy (DVN)’s Upgraded Earnings Expectations and Estimate Revisions Mean For Shareholders
• Positive Sentiment: Several recent pieces argue Devon Energy still looks reasonably priced, with one analysis calling the stock undervalued after its Coterra notes exchange and another noting the shares still appear cheap relative to earnings and long-term performance. That valuation argument can attract buyers looking for value in energy names. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange Devon Energy (DVN) Stock Still Looks Reasonable As Cease Fire Hits Oil
• Neutral Sentiment: RBC Capital initiated coverage with a Hold rating, signaling a wait-and-see stance rather than a strong bullish or bearish call. Devon Energy (DVN) Gets a Hold from RBC Capital
• Neutral Sentiment: Devon also got a lower price target from Truist and JPMorgan, but both firms still appear constructive overall, with Truist keeping a Buy rating. These moves may cap enthusiasm, but they do not signal a major thesis break. Devon Energy (NYSE:DVN) Price Target Cut to $61.00 by Analysts at Truist Financial Devon Energy (NYSE:DVN) Price Target Lowered to $55.00 at JPMorgan Chase & Co.
• Negative Sentiment: Activist investor Kimmeridge criticized Devon’s pace of asset sales after the Coterra transaction, saying the divestment effort is moving too slowly. That kind of public pushback can pressure sentiment if investors worry management is not unlocking value fast enough. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg

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.