Devon Energy Corporation $DVN Shares Acquired by RWC Asset Management LLP

Key Points

• RWC Asset Management increased its Devon Energy position by 33.6% in the third quarter, holding 453,945 shares valued at approximately $20.9 million. Institutional investors collectively own 69.72% of DVN.
• Devon reported quarterly EPS of $1.57, exceeding the $1.40 analyst consensus, while revenue rose 73.1% year over year to $7.42 billion. The company also pays a quarterly dividend of $0.32, or $1.28 annually, yielding about 2.5%.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $60.72 versus the reported share price of $51.34. However, some analysts caution that production-growth constraints and valuation could pose risks if oil prices or earnings momentum weaken.

RWC Asset Management LLP boosted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 33.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 453,945 shares of the energy company's stock after buying an additional 114,125 shares during the quarter. RWC Asset Management LLP's holdings in Devon Energy were worth $20,900,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of DVN. Wellington Management Group LLP grew its stake in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares in the last quarter. BlackRock Inc. boosted its holdings in Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares during the last quarter. State Street Corp grew its position in Devon Energy by 89.8% in the second quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after purchasing an additional 34,615,088 shares in the last quarter. Bank of America Corp DE bought a new position in Devon Energy in the second quarter valued at $421,226,000. Finally, GQG Partners LLC bought a new position in Devon Energy in the second quarter valued at $402,558,000. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

NYSE DVN traded up $2.16 on Friday, hitting $51.34. 13,271,761 shares of the stock were exchanged, compared to its average volume of 8,705,307. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The business's fifty day moving average is $48.58 and its 200 day moving average is $46.34. Devon Energy Corporation has a 52 week low of $31.65 and a 52 week high of $52.71. The company has a market capitalization of $56.48 billion, a PE ratio of 12.20, a P/E/G ratio of 1.30 and a beta of 0.49.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company's quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 EPS. Research analysts anticipate that Devon Energy Corporation will post 5.39 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on DVN shares. The Goldman Sachs Group lowered their price target on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Mizuho reduced their price objective on shares of Devon Energy from $68.00 to $65.00 and set an "outperform" rating for the company in a research note on Friday, October 16th. Susquehanna raised their price objective on Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. UBS Group lifted their target price on Devon Energy from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, October 7th. Finally, Barclays upped their target price on Devon Energy from $58.00 to $60.00 and gave the stock an "overweight" rating in a report on Friday, October 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $60.72.

Insider Activity

In other Devon Energy news, CEO Clay M. Gaspar purchased 3,913 shares of the stock in a transaction on Monday, September 14th. The shares were purchased at an average price of $51.08 per share, with a total value of $199,876.04. Following the completion of the transaction, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company's stock in a transaction that occurred on Monday, September 14th. The shares were 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 in the company, valued at $3,705,084. This represents a 8.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.58% of the company's stock.

Devon Energy News Summary

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

• Positive Sentiment: Higher oil prices are the main catalyst. Brent and U.S. crude moved above $100 per barrel, improving expectations for Devon’s production revenue, cash flow and shareholder returns. Oil Stocks Rally as Oil Price Tops $103
• Positive Sentiment: Portfolio optimization is supporting the investment case. Devon’s planned $4.2 billion cash sale of its Eagle Ford assets is viewed as a move toward higher-return assets and could provide capital for debt reduction, buybacks or dividends. Investors are also watching for additional strategic actions following the Coterra merger. Devon Energy gains as oil strength and portfolio-optimization hopes support shares
• Positive Sentiment: Earnings expectations remain constructive. Analysts expect third-quarter EPS of approximately $1.22, with potential for another estimate beat based on Devon’s recent history. Double-digit year-over-year EPS growth and steady oil-weighted output could reinforce the company’s cash-flow story when results are released in early November. Q3 Earnings Preview Might Change the Case for Investing in Devon Energy
• Positive Sentiment: Several analysts continue to view DVN as undervalued relative to its cash-flow potential. Reported institutional filings also showed significant additions by large investors, while published price targets have a median of $62 versus the recent share price near $51. Devon Energy Is Still a Compelling Energy Buy
• Neutral Sentiment: Unusually high call-option activity and the new 52-week high indicate strong bullish trading interest, but they may also increase volatility ahead of earnings. Devon Energy Stock Sees Unusually High Call Option Buying
• Negative Sentiment: A Seeking Alpha analysis downgraded DVN, arguing that production or growth may face an “oil wall.” The stock’s roughly 62% five-year gain also raises valuation concerns if earnings and oil prices do not continue improving. Devon Energy Hitting an Oil Wall

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon's portfolio has historically included major U.S. resource plays such as 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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