10,194,233 Shares in Devon Energy Corporation $DVN Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 10.19 million Devon Energy shares worth approximately $421.2 million in the second quarter, giving it a 0.93% stake. Institutional investors and hedge funds collectively own 69.72% of DVN.
• Devon reported strong quarterly results, with EPS of $1.57 beating estimates and revenue rising 73.1% year over year to $7.42 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $59.76.
• The company declared a quarterly dividend of $0.32, equivalent to $1.28 annually and an approximately 2.5% yield. CEO Clay Gaspar also bought nearly $200,000 of shares, while EVP Robert Ferrall Lowe sold about $344,000 worth.

Bank of America Corp DE bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 10,194,233 shares of the energy company's stock, valued at approximately $421,226,000. Bank of America Corp DE owned approximately 0.93% of Devon Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy in the 4th quarter valued at approximately $25,000. JFS Wealth Advisors LLC grew its stake in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after purchasing an additional 245 shares in the last quarter. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Devon Energy during the 2nd quarter worth about $29,000. GoalVest Advisory LLC purchased a new position in Devon Energy in the second quarter valued at approximately $30,000. Finally, First Bancorp Inc ME purchased a new position in shares of Devon Energy in the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Trending Headlines about Devon Energy

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

• Positive Sentiment: Crude prices rose amid attacks on Saudi energy infrastructure and continuing Middle East supply concerns, providing a near-term tailwind for U.S. oil producers such as Devon. The company generated $1.7 billion in adjusted free cash flow in the second quarter, raised its fixed dividend by 33% and resumed share repurchases after completing the Coterra combination. Devon Energy rises as oil rally and upbeat analyst actions appear to support shares
• Positive Sentiment: UBS initiated or reiterated a Buy view, while other recent analysts maintained favorable ratings and targets. The stock’s consensus target is about $59.76, above recent trading levels, and coverage has highlighted stronger Permian exposure and valuation support. Devon Energy (DVN) Gets a Buy from UBS Devon Energy: Stronger Permian Focus And Valuation Support
• Positive Sentiment: CEO Clay Gaspar bought 3,913 shares for approximately $199,876, a modest insider-confidence signal. Institutional ownership also remains high, with several large investment managers increasing their DVN positions during the second quarter. Clay Gaspar Buys 3,913 Shares of Devon Energy Stock
• Neutral Sentiment: Devon announced a $0.32 quarterly dividend, with the September 15 ex-dividend date and a stated annualized yield of roughly 2.6%. The ex-dividend adjustment may temporarily affect trading, but the payment reinforces the company’s shareholder-return appeal. Devon Energy Corp's Dividend Analysis
• Negative Sentiment: EVP Robert Ferrall Lowe sold 6,756 shares for approximately $344,218. Other recent insider activity also included executive sales, although the CEO’s purchase provides a counterpoint. These transactions are relatively small compared with Devon’s market capitalization.

Insider Activity

In other news, CEO Clay M. Gaspar purchased 3,913 shares of the firm's stock in a transaction on Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. This represents a 8.50% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 4.58% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Argus reaffirmed a "buy" rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, September 9th. BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a report on Wednesday, June 10th. Barclays lowered their target price on Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Finally, Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the stock an "outperform" rating in a research note on Monday, June 22nd. 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 stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average price target of $59.76.

Devon Energy Stock Up 3.3%

Shares of NYSE DVN opened at $51.35 on Wednesday. The company has a market cap of $56.49 billion, a P/E ratio of 12.20, a P/E/G ratio of 1.36 and a beta of 0.37. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The stock has a fifty day moving average price of $45.97 and a 200 day moving average price of $46.07.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the business posted $0.84 EPS. The firm's revenue was up 73.1% compared to the same quarter last year. Research analysts anticipate that Devon Energy Corporation will post 5.21 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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