Devon Energy Corporation $DVN Shares Bought by CIBC Asset Management Inc

Key Points

• CIBC Asset Management Inc. increased its Devon Energy position by 53.8% in the fourth quarter, bringing its holdings to 159,810 shares worth about $5.85 million.
• Devon Energy shares were trading down 3.8% at $44.27, while the company also reported weaker-than-expected quarterly results, with EPS and revenue both missing estimates.
• The company raised its quarterly dividend from $0.24 to $0.32 per share, and analysts remain largely positive, with multiple firms issuing Buy or Strong Buy ratings and a consensus target price of $57.89.

CIBC Asset Management Inc lifted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 53.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 159,810 shares of the energy company's stock after acquiring an additional 55,905 shares during the quarter. CIBC Asset Management Inc's holdings in Devon Energy were worth $5,854,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Accredited Wealth Management LLC grew its position in shares of Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after acquiring an additional 308 shares in the last quarter. Ameriflex Group Inc. grew its position in shares of Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after acquiring an additional 702 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of Devon Energy in the 3rd quarter worth approximately $31,000. Olistico Wealth LLC acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $31,000. Finally, Elyxium Wealth LLC acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 69.72% of the company's stock.

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 NYSE DVN opened at $44.27 on Friday. The company has a market cap of $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.37. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month high of $52.71. 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 stock's 50 day simple moving average is $47.61 and its 200 day simple moving average is $42.75.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company's revenue for the quarter was down 14.5% on a year-over-year basis. During the same period last year, the business posted $0.82 EPS. Equities research analysts expect that Devon Energy Corporation will post 4.41 EPS for the current year.

Devon Energy Increases Dividend

The business 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. This is a positive change 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 annualized dividend and a dividend yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is 26.74%.

Analysts Set New Price Targets

DVN has been the subject of several research reports. Raymond James Financial upgraded Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 target price for the company in a research report on Tuesday, May 5th. Capital One Financial decreased their target price on Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, June 2nd. Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Roth Mkm reiterated a "buy" rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Finally, Barclays lifted their target price on Devon Energy from $54.00 to $62.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.89.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction 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 owned 428,452 shares of the company's stock, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president directly 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 4.58% of the company's stock.

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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