Devon Energy Corporation $DVN Stock: Oppenheimer & Co. Inc. Cuts Holdings

Key Points

• Oppenheimer cut its Devon Energy holdings by 20.1% in the third quarter, selling 31,696 shares and retaining 125,617 shares valued at approximately $5.8 million. Institutional ownership remains high at 69.72%.
• Devon reported strong quarterly results, with EPS of $1.57 versus the $1.40 consensus and revenue of $7.42 billion, up 73.1% year over year. The company also pays a quarterly dividend of $0.32, yielding about 2.5% annually.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $60.72 versus the stock’s $51.24 opening price. Investors are watching Devon’s Permian-focused strategy, production growth and sensitivity to oil and gas prices.

Oppenheimer & Co. Inc. lowered its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 20.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 125,617 shares of the energy company's stock after selling 31,696 shares during the period. Oppenheimer & Co. Inc.'s holdings in Devon Energy were worth $5,783,000 as of its most recent filing with the SEC.

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

Devon Energy Stock Performance

Shares of NYSE DVN opened at $51.24 on Thursday. 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 stock's fifty day moving average price is $48.79 and its two-hundred day moving average price is $45.67. Devon Energy Corporation has a one year low of $31.65 and a one year high of $52.71. The firm has a market cap of $56.36 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 1.34 and a beta of 0.49.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The firm had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. During the same quarter last year, the business earned $0.84 EPS. The company's quarterly revenue was up 73.1% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Corporation will post 5.49 EPS for the current year.

Devon Energy Announces Dividend

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

Insider Activity

In other Devon Energy news, CEO Clay Gaspar purchased 3,913 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the transaction, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The purchase was disclosed in a legal 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 firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the transaction, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company's stock.

Key Stories Impacting Devon Energy

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

• Positive Sentiment: Zacks raises earnings estimates across multiple periods. Zacks Research increased its FY2026 EPS forecast to $5.02 from $4.96, FY2027 to $4.54 from $4.29, and FY2028 to $5.09 from $4.76. It also raised estimates for several upcoming quarters, including Q4 2026 to $1.28, Q1 2027 to $1.45, Q2 2027 to $1.12, and Q3 2028 to $1.18. The revisions signal stronger expected profitability and may support investor sentiment. Zacks raises earnings outlook for Devon Energy
• Positive Sentiment: Higher oil and gas prices plus production growth are improving the outlook. A recent analysis argues that Devon is benefiting from favorable macroeconomic conditions, including stronger commodity pricing and increased production. If sustained, those factors could lift cash flow, earnings and shareholder returns. Devon Energy is winning the macro lottery with higher prices and production
• Positive Sentiment: Portfolio repositioning toward the Permian is attracting attention. Devon’s Eagle Ford transaction is described as part of a pivot toward the Permian Basin. Investors may view a greater focus on core, scalable assets as a potential way to improve operational efficiency and long-term production economics. Devon Energy pivots to the Permian with Eagle Ford deal
• Neutral Sentiment: The bullish outlook remains sensitive to oil and natural-gas prices, production execution and the financial results that ultimately validate the upgraded forecasts.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DVN. Mizuho cut their target price 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. Argus reaffirmed a "buy" rating and set a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Wall Street Zen upgraded shares of Devon Energy from a "hold" rating to a "buy" rating in a research note on Saturday, October 3rd. Weiss Ratings raised shares of Devon Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Finally, BMO Capital Markets restated an "outperform" rating and set a $67.00 price objective on shares of Devon Energy in a research report on Tuesday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $60.72.

Devon Energy 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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