28,927 Shares in Devon Energy Corporation $DVN Purchased by Confluence Investment Management LLC

Key Points

• Confluence Investment Management purchased 28,927 Devon Energy shares worth approximately $1.2 million, while institutional investors collectively own 69.72% of the company.
• Devon Energy reported quarterly earnings of $1.57 per share and revenue of $7.42 billion, surpassing analyst expectations; revenue rose 73.1% year over year.
• The company increased its quarterly dividend from $0.24 to $0.32 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $59.56. Several insiders also sold shares during the quarter.

Confluence Investment Management LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 28,927 shares of the energy company's stock, valued at approximately $1,195,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $25,000. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Elyxium Wealth LLC bought a new position in shares of Devon Energy during the fourth quarter valued at approximately $31,000. Finally, DV Equities LLC purchased a new stake in Devon Energy in the fourth quarter worth $32,000. Institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In other news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred on Thursday, May 14th. The shares were 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The stock was 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock valued at $5,258,059 over the last quarter. Corporate insiders own 4.58% of the company's stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $44.01 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $27.34 billion, a P/E ratio of 12.26 and a beta of 0.38. The business has a fifty day simple moving average of $43.56 and a two-hundred day simple moving average of $44.79. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company's quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 EPS. On average, equities analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy's payout ratio is presently 35.65%.

Analysts Set New Price Targets

A number of brokerages have issued reports on DVN. Morgan Stanley reduced their price objective on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Capital One Financial cut their target price on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 2nd. Scotiabank boosted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Tudor Pickering raised shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Devon Energy in a report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Devon Energy presently has an average 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: Q2 results exceeded expectations. Devon reported adjusted earnings of $1.57 per share, above the $1.40 consensus estimate, while revenue reached $7.42 billion versus expectations of $6.01 billion. Revenue increased 73.1% year over year, and earnings rose from $0.84 per share in the prior-year quarter. Devon Energy Reports Strong Q2 CY2026
• Positive Sentiment: Cash generation and shareholder returns were robust. The company reported $3.7 billion in operating cash flow and $1.7 billion in adjusted free cash flow, returning $1.063 billion through dividends, buybacks and debt reduction. The board also approved a 33% increase in the fixed quarterly dividend to $0.32 per share. Devon Energy Reports Second-Quarter Profit
• Positive Sentiment: Production and forward guidance were constructive. Second-quarter oil production averaged 503,000 barrels per day, at the high end of guidance. Devon expects third-quarter production of 1.66 million to 1.69 million barrels of oil equivalent per day, reflecting the expanded post-merger operating base. Capital spending was also 2% below the guidance midpoint.
• Neutral Sentiment: Devon announced the acquisition of 16,300 net acres in the Delaware Basin for $2.6 billion. The move could strengthen its long-term growth inventory, although investors will assess the purchase price and integration following the Coterra merger.
• Neutral Sentiment: Devon and HXMX will present research showing that AI-based geological interpretation matched expert geoscientists in a Williston Basin study. The potential efficiency benefits are encouraging, but the presentation is unlikely to materially affect near-term earnings. HXMX AI and Devon Energy Study
• Negative Sentiment: Two Devon executives reported open-market share sales during the past six months. These transactions are relatively small compared with the company’s market value, but they may add a modest negative signal for sentiment.

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.

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