Devon Energy Corporation $DVN Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,694,277 shares of the energy company’s stock after selling 60,559 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Devon Energy were worth $85,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Devon Energy in the fourth quarter valued at $25,000. MV Capital Management Inc. acquired a new stake in Devon Energy during the 4th quarter worth about $29,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at about $29,000. Olistico Wealth LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at about $31,000. Finally, Elyxium Wealth LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at about $31,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.18 on Friday, reaching $42.20. The company’s stock had a trading volume of 6,860,603 shares, compared to its average volume of 14,285,571. 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 company has a market capitalization of $26.22 billion, a P/E ratio of 11.75 and a beta of 0.38. The stock has a 50-day moving average price of $44.83 and a 200-day moving average price of $43.82. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN) last released 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 analyst estimates 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 was down 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.82 EPS. Analysts expect that Devon Energy Corporation will post 4.78 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is 35.65%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. The Goldman Sachs Group lowered their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Royal Bank Of Canada lifted their price target on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. TD Cowen boosted their price target on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 10th. Finally, Susquehanna upped their price objective on Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Trending Headlines about 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

Insider Transactions at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on 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 sale, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last 90 days. 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.