Canada Post Corp Registered Pension Plan Trims Holdings in Devon Energy Corporation $DVN

Key Points

• Canada Post Corp Registered Pension Plan cut its Devon Energy stake by 52.8% in the fourth quarter, leaving it with 20,008 shares worth about $733,000.
• Devon Energy has seen mixed insider activity, with executives Jeffrey L. Ritenour and Adam M. Vela both selling shares in May, while institutions still hold 69.72% of the stock.
• Despite a slight earnings miss in the latest quarter, analysts remain broadly bullish: several firms raised price targets, Devon boosted its quarterly dividend to $0.32 per share, and the stock has moved back above its 20-day and 50-day moving averages.

Canada Post Corp Registered Pension Plan trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 52.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,008 shares of the energy company's stock after selling 22,343 shares during the period. Canada Post Corp Registered Pension Plan's holdings in Devon Energy were worth $733,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. First Horizon Corp purchased a new position in Devon Energy in the 3rd quarter valued at about $26,000. Accredited Wealth Management LLC lifted its holdings in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after purchasing an additional 308 shares in the last quarter. 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 valued at $28,000 after purchasing an additional 702 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Devon Energy in the 3rd quarter valued at about $31,000. Finally, Olistico Wealth LLC purchased a new position in Devon Energy in the 4th quarter valued at about $31,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. 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 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 owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.73% of the company's stock.

Trending Headlines about Devon Energy

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

• Positive Sentiment: Jefferies raised its price target on Devon Energy to $63 from $62 and kept a buy rating, signaling continued confidence in upside potential. Jefferies adjusts price target on Devon Energy to 63 from 62, maintains buy rating
• Positive Sentiment: Wells Fargo increased its target to $68 from $66 and reiterated an overweight rating, which suggests analysts see meaningful room for the stock to run. Wells Fargo adjusts price target on Devon Energy to 68 from 66, maintains overweight rating
• Positive Sentiment: The stock moved back above its 20-day and 50-day moving averages, a technical signal often viewed as short-term bullish momentum. Devon Energy crossed above the 20-day moving average Devon Energy crossed above the 50-day moving average
• Positive Sentiment: Trading in Devon Energy options jumped sharply, with call volume more than doubling versus average levels, indicating traders are positioning for further upside.
• Positive Sentiment: RBC noted that Devon could get support from upcoming combined-company guidance with Coterra Energy, along with an asset review and buyback-related catalysts. Devon Energy Could Gain From Merger Update in June, Asset Review, Buybacks, RBC Says
• Neutral Sentiment: Additional commentary from Zacks called Devon Energy a strong momentum stock, reinforcing the recent bullish sentiment but not adding a new company-specific catalyst. Here's Why Devon Energy (DVN) is a Strong Momentum Stock
• Neutral Sentiment: Devon was also mentioned in a dividend-growth roundup and a bullish Seeking Alpha piece, which may help sentiment but are secondary to the analyst upgrades and technical breakout. From High-Yield to High-Growth: 3 Stocks Boosting Dividends Devon Energy: A New Era Begins, And The Market Still Undervalues It
• Negative Sentiment: A company insider sale was reported, with Adam Vela selling shares; this can slightly temper sentiment, though it is smaller than the positive analyst and technical drivers. Adam Vela Sells 24,342 Shares of Devon Energy Stock

Devon Energy Trading Up 0.4%

NYSE DVN opened at $49.66 on Tuesday. Devon Energy Corporation has a 12 month low of $30.24 and a 12 month high of $52.71. The company has a 50-day moving average of $47.85 and a 200-day moving average of $41.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $30.86 billion, a P/E ratio of 13.83 and a beta of 0.43.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the company earned $0.82 EPS. The company's revenue was down 14.5% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Corporation will post 5.25 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy's payout ratio is 26.74%.

Analysts Set New Price Targets

A number of research analysts have issued reports on DVN shares. Weiss Ratings upgraded shares of Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, January 28th. Raymond James Financial upgraded shares of Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 target price on the stock in a report on Tuesday, May 5th. Susquehanna upped their target price on shares of Devon Energy from $52.00 to $57.00 and gave the company a "positive" rating in a report on Tuesday, April 21st. Sanford C. Bernstein upped their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Finally, Royal Bank Of Canada upped their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 8th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $56.85.

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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