Corient Private Wealth LP Raises Holdings in Devon Energy Corporation $DVN

Key Points

• Institutional investors increased their Devon Energy holdings: Corient Private Wealth raised its position by 62.1% to 214,019 shares, while BlackRock and Wellington Management also made substantial additions. Institutional investors own approximately 69.72% of DVN.
• Devon reported strong quarterly results, with earnings of $1.57 per share versus the $1.40 consensus estimate and revenue of $7.42 billion, up 73.1% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $59.76.
• Shares remain supported by operational and shareholder-return factors, including a proposed Permian pipeline, a quarterly dividend of $0.32 per share, and a CEO stock purchase worth about $200,000. However, oil-price volatility and an executive share sale remain risks.

Corient Private Wealth LP grew its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 62.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 214,019 shares of the energy company's stock after buying an additional 81,997 shares during the quarter. Corient Private Wealth LP's holdings in Devon Energy were worth $8,843,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock valued at $3,941,054,000 after purchasing an additional 34,871,366 shares in the last quarter. Wellington Management Group LLP grew its position in Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after buying an additional 41,581,435 shares during the period. Geode Capital Management LLC grew its position in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock worth $700,238,000 after buying an additional 186,743 shares during the period. Victory Capital Management Inc. increased its holdings in Devon Energy by 17.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock valued at $509,779,000 after buying an additional 2,071,021 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in Devon Energy in the second quarter valued at about $421,226,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Key Devon Energy News

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

• Positive Sentiment: The proposed Solitude Pipeline could materially improve Devon’s Permian gas takeaway economics. Its planned 4.5 Bcf/d capacity may reduce Waha-region congestion and potentially add an estimated $1.00 per MMBtu of margin, or roughly $410 million in annual profit for Devon if downstream Katy basis remains favorable. Solitude Pipeline Announcement Benefits Both Devon And Diamondback
• Positive Sentiment: Recent analyst commentary remains supportive. UBS assigned a Buy rating, while other analysts have maintained positive ratings and price targets above the current trading level, citing Devon’s stronger Permian focus and valuation support. Devon Energy Gets a Buy from UBS
• Positive Sentiment: Devon’s latest reported quarter exceeded expectations, with earnings and revenue above consensus and revenue growth of 73.1% year over year. Institutional ownership activity was also broadly constructive, with many large investors increasing their positions.
• Positive Sentiment: CEO Clay Gaspar purchased approximately $200,000 of shares, a modest signal of management confidence. Devon also offers a quarterly dividend of $0.32 per share, equivalent to a 2.6% indicated yield based on the cited trading price. Clay Gaspar Buys Devon Energy Stock
• Neutral Sentiment: Earlier strength was supported by higher crude prices linked to Middle East supply concerns, Devon’s free cash flow, shareholder returns, and bullish analyst actions. Sustained commodity prices could continue to support the shares, but oil-price volatility remains a key risk.
• Negative Sentiment: The stock traded ex-dividend on September 15, which can create mechanical downward pressure as the dividend value is removed from the share price. An executive sale of 6,756 shares also contrasts with the CEO purchase, although insider transactions alone do not establish a trend. Devon Energy Stock Information

Devon Energy Trading Down 5.6%

Shares of DVN stock opened at $48.44 on Thursday. The firm has a 50-day moving average price of $46.08 and a 200 day moving average price of $46.11. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a market capitalization of $53.28 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.39 and a beta of 0.37. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the firm posted $0.84 earnings per share. The company's quarterly revenue was up 73.1% compared to the same quarter last year. Research analysts forecast that Devon Energy Corporation will post 5.27 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio is currently 30.40%.

Insiders Place Their Bets

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares of the company's stock, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clay Gaspar bought 3,913 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average price of $51.08 per share, with a total value of $199,876.04. Following the completion of the purchase, the chief executive officer directly owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Wall Street Zen downgraded Devon Energy from a "buy" rating to a "hold" rating in a research note on Saturday, September 5th. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, September 9th. Capital One Financial decreased their target price on Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 2nd. Finally, UBS Group upped their target price on Devon Energy from $55.00 to $63.00 and gave the company a "buy" rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $59.76.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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