Chesapeake Capital Corp IL Purchases New Position in Devon Energy Corporation $DVN

Chesapeake Capital Corp IL purchased a new stake in Devon Energy Corporation (NYSE:DVN) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 14,865 shares of the energy company’s stock, valued at approximately $545,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DVN. AQR Capital Management LLC increased its stake in shares of Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Sourcerock Group LLC increased its stake in shares of Devon Energy by 2,132.3% in the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after purchasing an additional 1,672,824 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Devon Energy by 446.7% in the 4th quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company’s stock valued at $45,286,000 after purchasing an additional 1,010,170 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Devon Energy by 704.3% in the 3rd quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company’s stock valued at $34,187,000 after purchasing an additional 853,875 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Devon Energy in the 3rd quarter valued at about $24,766,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on DVN shares. Roth Mkm restated a “buy” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, April 28th. Susquehanna lifted their price target on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. cut their price target on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. BMO Capital Markets lifted their price target on Devon Energy from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, April 7th. Finally, Citigroup lifted their price target on Devon Energy from $44.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, March 30th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $55.59.

Key Stories Impacting Devon Energy

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

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Devon Energy Price Performance

DVN stock opened at $45.60 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.90. The business has a 50 day simple moving average of $47.32 and a 200-day simple moving average of $40.82. The firm has a market capitalization of $28.34 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 0.69 and a beta of 0.43. Devon Energy Corporation has a 1 year low of $30.24 and a 1 year high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. Devon Energy’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter last year, the company earned $0.82 earnings per share. Equities research analysts anticipate that Devon Energy Corporation will post 5.66 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

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.