Bank of Nova Scotia acquired a new position in Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 941,075 shares of the energy company's stock, valued at approximately $38,885,000. Bank of Nova Scotia owned 0.15% of Devon Energy as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in DVN. Compass Financial Management LLC bought a new position in shares of Devon Energy during the second quarter valued at $166,000. Elevation Point Wealth Partners LLC bought a new position in Devon Energy in the 2nd quarter worth about $1,957,000. Daiichi Life Insurance Co. Ltd. bought a new position in Devon Energy in the 2nd quarter worth about $230,000. Commerce Bank purchased a new stake in Devon Energy during the 2nd quarter valued at about $2,607,000. Finally, GQG Partners LLC bought a new stake in Devon Energy during the 2nd quarter valued at about $402,558,000. Institutional investors own 69.72% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen raised shares of Devon Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. BMO Capital Markets reiterated an "outperform" rating on shares of Devon Energy in a research note on Wednesday, June 10th. Finally, Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an "outperform" rating in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.15.
Read Our Latest Analysis on DVN
Insider Buying and Selling
In other news, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.58% of the stock is currently owned by insiders.
More Devon Energy News
Here are the key news stories impacting Devon Energy this week:
- Positive Sentiment: Zacks Research raised its Q2 2027 EPS forecast to $1.05 from $1.03 and its FY2028 estimate to $4.76 from $4.73. These modest upgrades suggest some confidence in Devon Energy’s longer-term earnings potential. Zacks Research Raises Earnings Estimates for Devon Energy
- Neutral Sentiment: Devon Energy announced a major executive leadership reshuffle effective August 20. The change could improve execution or strategic focus, but the available report does not provide enough detail to determine its financial impact. Devon Energy Announces Major Executive Leadership Reshuffle
- Neutral Sentiment: Analysts published commentary covering Devon Energy and Plains All American, but the available headline does not disclose a specific rating change, target-price adjustment, or forecast that would clearly move DVN shares. Analysts Offer Insights on Energy Companies: Plains All American and Devon Energy
- Negative Sentiment: Zacks cut its Q3 2026 EPS forecast to $1.13 from $1.24, Q3 2027 to $0.89 from $1.19, Q4 2027 to $1.04 from $1.23, and FY2027 to $4.29 from $4.70. The reductions outweigh the small upward revisions and may pressure sentiment. Zacks maintains a “Hold” rating.
Devon Energy Stock Performance
Shares of DVN opened at $49.19 on Monday. The firm has a market capitalization of $54.11 billion, a P/E ratio of 11.68, a PEG ratio of 1.35 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The business has a fifty day moving average of $43.73 and a 200 day moving average of $45.48.
Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $6.01 billion. During the same quarter in the prior year, the business earned $0.84 EPS. The business's quarterly revenue was up 73.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 5.2 EPS for the current year.
Devon Energy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's payout ratio is currently 30.40%.
Devon Energy Company Profile
(
Free Report)
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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