Devon Energy Corporation $DVN Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its Devon Energy stake by 5.6% in the fourth quarter, buying 214,041 additional shares and bringing its holdings to about 4.0 million shares worth roughly $146.7 million.
• Analyst sentiment remains mostly positive: several firms lifted price targets, and Devon now has a Moderate Buy consensus with an average target price of $57.89.
• Devon Energy reported quarterly earnings of $1.04 per share, slightly below estimates, while also raising its quarterly dividend to $0.32 per share from $0.24.

Bank of New York Mellon Corp grew its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 5.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,005,657 shares of the energy company's stock after purchasing an additional 214,041 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.64% of Devon Energy worth $146,727,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in shares of 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 acquiring an additional 186,743 shares during the last quarter. Victory Capital Management Inc. grew its position in Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company's stock valued at $415,319,000 after buying an additional 560,652 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company's stock valued at $327,938,000 after buying an additional 552,068 shares during the last quarter. AQR Capital Management LLC grew its position in Devon Energy by 29.3% in the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company's stock valued at $288,306,000 after buying an additional 1,862,720 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Devon Energy by 3.4% in the 3rd quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company's stock valued at $115,234,000 after buying an additional 106,824 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on DVN shares. BMO Capital Markets lifted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, May 13th. Royal Bank Of Canada lifted 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 report on Wednesday, April 8th. Wall Street Zen lowered shares of Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. Citigroup boosted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, May 20th. Finally, Sanford C. Bernstein boosted their target price on shares of Devon Energy from $42.00 to $59.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $57.89.

Insider Buying and Selling

In related news, SVP Adam M. Vela sold 24,342 shares of the 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 sale, the senior vice president owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the 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 sale, the executive vice president directly owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by corporate insiders.

Key Headlines Impacting Devon Energy

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?

Devon Energy Trading Down 3.8%

Shares of DVN stock opened at $44.27 on Friday. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The firm has a 50-day moving average price of $47.61 and a 200 day moving average price of $42.75. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.37.

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. Research analysts forecast that Devon Energy Corporation will post 4.41 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

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

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.

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