Devon Energy Corporation $DVN Stock Holdings Increased by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management boosted its Devon Energy stake by 20.8% in the first quarter, ending with 193,052 shares worth about $9.7 million.
• Devon Energy raised its quarterly dividend to $0.32 per share from $0.24, implying a 3.0% annualized yield and a 35.65% payout ratio.
• Analysts remain broadly constructive on the stock, with a consensus “Moderate Buy” rating and an average price target of $58.44, even as the company recently reported earnings and revenue below expectations.

BI Asset Management Fondsmaeglerselskab A S increased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 20.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 193,052 shares of the energy company's stock after purchasing an additional 33,244 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Devon Energy were worth $9,714,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Woodline Partners LP increased its position in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock worth $4,330,000 after purchasing an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Devon Energy during the 2nd quarter worth about $403,000. Jump Financial LLC lifted its holdings in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after buying an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Devon Energy by 17.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock valued at $4,736,000 after buying an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after buying an additional 8,127 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on DVN. JPMorgan Chase & Co. assumed coverage on Devon Energy in a report on Monday, June 8th. They issued an "overweight" rating and a $62.00 price objective on the stock. Jefferies Financial Group lifted their target price on shares of Devon Energy from $62.00 to $63.00 and gave the company a "buy" rating in a research note on Monday, May 18th. Zacks Research downgraded shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Piper Sandler increased their price target on shares of Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Finally, Tudor Pickering upgraded shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $58.44.

Devon Energy Trading Up 0.2%

Shares of DVN stock opened at $42.21 on Monday. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71. The company has a market cap of $26.23 billion, a PE ratio of 11.76 and a beta of 0.38. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The business's 50 day moving average is $46.38 and its two-hundred day moving average is $43.35.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy's quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 earnings per share. Equities analysts predict that Devon Energy Corporation will post 4.97 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced 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 boost 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 3.0%. Devon Energy's payout ratio is 35.65%.

Insiders Place Their Bets

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction 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 transaction, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction dated Monday, May 11th. The shares were 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. This trade represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last quarter. Insiders own 4.58% of the company's stock.

Devon Energy Company 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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