Brandywine Global Investment Management LLC Buys 432,294 Shares of Devon Energy Corporation $DVN

Key Points

• Brandywine Global Investment Management increased its Devon Energy stake by 63.6% in the fourth quarter, buying 432,294 additional shares and bringing its total holding to 1.11 million shares worth about $40.7 million.
• Devon Energy reported mixed quarterly results, with earnings of $1.04 per share topping last year’s level but missing estimates, while revenue of $3.81 billion also came in below expectations.
• The company raised its quarterly dividend to $0.32 per share from $0.24, implying a 2.9% yield, even as some insiders recently sold shares and analyst opinions remained broadly positive.

Brandywine Global Investment Management LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 63.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,111,510 shares of the energy company's stock after acquiring an additional 432,294 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.18% of Devon Energy worth $40,715,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in DVN. Manchester Capital Management LLC lifted its position in Devon Energy by 154.6% during the 4th quarter. Manchester Capital Management LLC now owns 1,082 shares of the energy company's stock valued at $40,000 after purchasing an additional 657 shares during the period. RWC Asset Management LLP acquired a new stake in shares of Devon Energy in the 4th quarter valued at approximately $7,269,000. Syon Capital LLC raised its position in shares of Devon Energy by 4.7% in the 4th quarter. Syon Capital LLC now owns 20,155 shares of the energy company's stock valued at $738,000 after acquiring an additional 907 shares during the period. ING Groep NV raised its position in shares of Devon Energy by 125.5% in the 4th quarter. ING Groep NV now owns 185,069 shares of the energy company's stock valued at $6,779,000 after acquiring an additional 103,004 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at approximately $99,000. Institutional investors own 69.72% of the company's stock.

Insider Activity at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the firm's 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 of the company's stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company's stock, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.58% of the stock is owned by company insiders.

Devon Energy Stock Performance

Shares of DVN stock 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 company has a market capitalization of $27.51 billion, a P/E ratio of 12.33 and a beta of 0.38. The company's 50 day moving average price is $47.61 and its two-hundred day moving average price is $42.81. Devon Energy Corporation has a 52 week low of $31.45 and a 52 week high of $52.71.

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

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio (DPR) is 26.74%.

Devon Energy News Summary

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?

Analyst Ratings Changes

A number of brokerages recently weighed in on DVN. Wall Street Zen downgraded shares of Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. Citigroup increased their price target on shares of Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, May 20th. Capital One Financial cut their price target on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 2nd. Raymond James Financial upgraded shares of Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 price target on the stock in a research report on Tuesday, May 5th. Finally, Zacks Research downgraded shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and an average price target of $57.89.

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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.