Adams Natural Resources Fund Inc. Purchases 73,200 Shares of Devon Energy Corporation $DVN

Key Points

• Adams Natural Resources Fund increased its Devon Energy stake by 24.5% in the first quarter, buying 73,200 more shares and bringing its total to 372,400 shares worth about $18.7 million.
• Devon Energy has continued to draw bullish analyst and investor attention, including a Goldman Sachs upgrade to strong-buy and a consensus Wall Street rating of Moderate Buy with an average price target of $58.85.
• The company recently raised its quarterly dividend to $0.32 per share from $0.24, which annualizes to $1.28 per share and implies a 3.0% yield.

Adams Natural Resources Fund Inc. boosted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 24.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 372,400 shares of the energy company's stock after buying an additional 73,200 shares during the period. Devon Energy accounts for approximately 2.2% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 12th biggest position. Adams Natural Resources Fund Inc. owned about 0.06% of Devon Energy worth $18,739,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the fourth quarter worth about $25,000. MV Capital Management Inc. bought a new stake in Devon Energy during the 4th quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC purchased a new position in Devon Energy in the 4th quarter worth approximately $29,000. Ameriflex Group Inc. lifted its holdings in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after purchasing an additional 702 shares in the last quarter. Finally, Accredited Wealth Management LLC boosted its stake in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after purchasing an additional 308 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy News Summary

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

• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, which can boost sentiment by signaling greater confidence in the company’s outlook. Zacks.com
• Positive Sentiment: Analyst and investor coverage continues to point to Devon as an attractive E&P name, with commentary noting cheaper valuation, a higher yield, and stronger return on equity than Diamondback Energy. Devon or Diamondback: Which E&P Stock Is the Better Investment?
• Positive Sentiment: Wall Street coverage has highlighted bullish hedge fund positioning and meaningful upside potential, reinforcing the view that DVN remains a value-and-income play for investors. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Devon has been among the more searched stocks on Zacks, which suggests rising investor attention but does not by itself change fundamentals. Investors Heavily Search Devon Energy Corporation (DVN): Here is What You Need to Know
• Neutral Sentiment: Devon completed a note exchange that simplifies its capital structure, a generally positive balance-sheet move, though the immediate stock impact is likely limited. Devon Energy Simplifies Capital Structure With Note Exchange
• Negative Sentiment: Toms Capital taking a top-five stake adds activist pressure for operational improvements and potential asset sales, increasing uncertainty around Devon’s post-merger strategy and capital allocation. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake

Devon Energy Stock Performance

Devon Energy stock opened at $42.18 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The firm has a market capitalization of $26.21 billion, a P/E ratio of 11.75 and a beta of 0.37. The company's 50-day moving average is $45.99 and its 200 day moving average is $43.49.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.34 billion. During the same quarter last year, the firm earned $0.82 EPS. The firm's quarterly revenue was down 14.5% on a year-over-year basis. Research analysts forecast that Devon Energy Corporation will post 4.97 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.32 dividend. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 3.0%. Devon Energy's dividend payout ratio is currently 35.65%.

Insiders Place Their Bets

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares of the company's stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated 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 sale, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 over the last quarter. Company insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on DVN. BMO Capital Markets reiterated an "outperform" rating on shares of Devon Energy in a research report on Wednesday, June 10th. The Goldman Sachs Group set a $54.00 target price on shares of Devon Energy in a research note on Tuesday. Piper Sandler lifted their target price on Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Zacks Research cut shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Finally, Barclays lifted their target price on Devon Energy from $54.00 to $62.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Three analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.85.

About Devon Energy

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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