Centric Wealth Management Makes New Investment in Devon Energy Corporation $DVN

Key Points

• Centric Wealth Management opened a new position in Devon Energy in the fourth quarter, buying 37,781 shares worth about $1.52 million.
• Devon Energy reported mixed quarterly results, with earnings of $1.04 per share narrowly missing estimates and revenue of $3.81 billion falling short of expectations.
• The company raised its quarterly dividend to $0.32 per share from $0.24, boosting the annualized yield to about 2.8% as it continues shareholder returns through dividends and buybacks.

Centric Wealth Management acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 37,781 shares of the energy company's stock, valued at approximately $1,517,000.

Several other institutional investors also recently bought and sold shares of the company. Aprio Wealth Management LLC increased its holdings in Devon Energy by 4.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company's stock worth $264,000 after purchasing an additional 297 shares during the period. Accredited Wealth Management LLC increased its holdings in Devon Energy by 61.6% during 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. Lindenwold Advisors INC increased its holdings in Devon Energy by 1.2% during the 3rd quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company's stock worth $950,000 after purchasing an additional 314 shares during the period. OneDigital Investment Advisors LLC increased its holdings in Devon Energy by 2.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company's stock worth $442,000 after purchasing an additional 318 shares during the period. Finally, US Bancorp DE increased its holdings in Devon Energy by 0.3% during the 3rd quarter. US Bancorp DE now owns 113,308 shares of the energy company's stock worth $3,973,000 after purchasing an additional 329 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.0%

Shares of DVN stock opened at $45.60 on Monday. The stock's fifty day moving average price is $47.32 and its 200 day moving average price is $40.82. Devon Energy Corporation has a 1-year low of $30.24 and a 1-year high of $52.71. 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 $28.34 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.70 and a beta of 0.43.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 EPS. On average, research analysts expect that Devon Energy Corporation will post 5.66 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This is an increase from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is presently 26.74%.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Analyst Ratings Changes

Several analysts have issued reports on DVN shares. Sanford C. Bernstein increased their target price on Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. UBS Group dropped their target price on Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Piper Sandler increased their target price on Devon Energy from $59.00 to $67.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Argus increased their target price on Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, Raymond James Financial raised Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 target price on the stock in a research report on Tuesday, May 5th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $55.59.

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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