BI Asset Management Fondsmaeglerselskab A S Acquires 131,377 Shares of Devon Energy Corporation $DVN

BI Asset Management Fondsmaeglerselskab A S increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 462.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,808 shares of the energy company's stock after purchasing an additional 131,377 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Devon Energy were worth $5,854,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Woodline Partners LP boosted its holdings in shares of Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock valued at $4,330,000 after purchasing an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Devon Energy during the second quarter valued at approximately $403,000. Jump Financial LLC grew its holdings in Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after buying an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Devon Energy by 17.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock worth $4,736,000 after acquiring an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Devon Energy by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after acquiring an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DVN. Piper Sandler raised their target price on shares of Devon Energy from $59.00 to $67.00 and gave the company an "overweight" rating in a report on Thursday, March 12th. UBS Group lowered their price objective on shares of Devon Energy from $61.00 to $60.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. BMO Capital Markets lifted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. Royal Bank Of Canada boosted their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 8th. Finally, Wells Fargo & Company upped their target price on shares of Devon Energy from $66.00 to $68.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $57.89.

Insider Activity

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction 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 transaction, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is owned by company insiders.

More Devon Energy News

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

• Positive Sentiment: Wells Fargo initiated/ reiterated a Buy rating on Devon Energy, adding to the recent stream of analyst support that can help offset near-term weakness. Wells Fargo Releases a Buy Rating on Devon Energy (DVN)
• Positive Sentiment: Roth MKM also rated Devon Energy Buy, reinforcing the view that analysts still see upside in the stock. Devon Energy (DVN) Gets a Buy from Roth MKM
• Neutral Sentiment: Devon Energy filed a prospectus supplement to register up to 175,000 shares tied to a Coterra merger conversion; this is a routine securities filing, though investors may be watching it for any dilution or transaction-related implications. Devon Energy Registers Shares Tied to Coterra Merger Conversion
• Neutral Sentiment: Several articles noted Devon has been drawing attention because of broader energy-sector valuation trends and Marcellus asset speculation, but these pieces do not point to a specific new catalyst. Why Is Devon Energy Corporation NYSE: DVN Drawing Attention Amid Marcellus Asset Speculation?
• Negative Sentiment: Coverage noting Devon Energy is still down since its last earnings report suggests investors remain focused on the company’s softer post-earnings performance and subdued follow-through. Why Is Devon Energy (DVN) Down 0.9% Since Last Earnings Report?

Devon Energy Stock Performance

NYSE:DVN opened at $44.27 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The stock's fifty day moving average is $47.61 and its 200 day moving average is $42.81. The firm has a market capitalization of $27.51 billion, a PE ratio of 12.33 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company's revenue was down 14.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 EPS. On average, sell-side analysts anticipate that Devon Energy Corporation will post 4.41 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. This is an increase 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 dividend on an annualized basis and a yield of 2.9%. Devon Energy's dividend payout ratio is currently 26.74%.

Devon Energy 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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