Eastern Bank Raises Stake in Devon Energy Corporation $DVN

Key Points

• Eastern Bank significantly increased its Devon Energy stake by purchasing 69,359 additional shares in the second quarter, bringing its holdings to 69,659 shares valued at approximately $2.88 million. Institutional investors collectively own 69.72% of DVN.
• Devon reported strong second-quarter results, with adjusted earnings of $1.57 per share and revenue of $7.42 billion, exceeding analyst expectations. The company also generated $1.7 billion in adjusted free cash flow and raised its quarterly dividend 33% to $0.32 per share.
• Analysts maintain a broadly positive outlook, with Devon carrying a consensus “Moderate Buy” rating and an average price target of $59.56. However, two senior executives sold shares recently, and the company’s $2.6 billion Delaware Basin acquisition will face scrutiny over pricing and integration.

Eastern Bank lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 23,119.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 69,659 shares of the energy company's stock after purchasing an additional 69,359 shares during the quarter. Eastern Bank's holdings in Devon Energy were worth $2,878,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock worth $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. increased its stake in Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock valued at $132,206,000 after purchasing an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC increased its stake in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC boosted its position in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company's stock worth $260,692,000 after purchasing an additional 2,485,603 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy News Summary

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

• Positive Sentiment: Q2 results exceeded expectations. Devon reported adjusted earnings of $1.57 per share, above the $1.40 consensus estimate, while revenue reached $7.42 billion versus expectations of $6.01 billion. Revenue increased 73.1% year over year, and earnings rose from $0.84 per share in the prior-year quarter. Devon Energy Reports Strong Q2 CY2026
• Positive Sentiment: Cash generation and shareholder returns were robust. The company reported $3.7 billion in operating cash flow and $1.7 billion in adjusted free cash flow, returning $1.063 billion through dividends, buybacks and debt reduction. The board also approved a 33% increase in the fixed quarterly dividend to $0.32 per share. Devon Energy Reports Second-Quarter Profit
• Positive Sentiment: Production and forward guidance were constructive. Second-quarter oil production averaged 503,000 barrels per day, at the high end of guidance. Devon expects third-quarter production of 1.66 million to 1.69 million barrels of oil equivalent per day, reflecting the expanded post-merger operating base. Capital spending was also 2% below the guidance midpoint.
• Neutral Sentiment: Devon announced the acquisition of 16,300 net acres in the Delaware Basin for $2.6 billion. The move could strengthen its long-term growth inventory, although investors will assess the purchase price and integration following the Coterra merger.
• Neutral Sentiment: Devon and HXMX will present research showing that AI-based geological interpretation matched expert geoscientists in a Williston Basin study. The potential efficiency benefits are encouraging, but the presentation is unlikely to materially affect near-term earnings. HXMX AI and Devon Energy Study
• Negative Sentiment: Two Devon executives reported open-market share sales during the past six months. These transactions are relatively small compared with the company’s market value, but they may add a modest negative signal for sentiment.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on DVN. Raymond James Financial dropped their target price on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a report on Thursday, July 16th. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, July 8th. Royal Bank Of Canada increased their price target 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. Tudor Pickering raised shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Finally, Wall Street Zen cut shares of Devon Energy from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $59.56.

Devon Energy Price Performance

Devon Energy stock opened at $44.01 on Wednesday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The stock has a market capitalization of $27.34 billion, a P/E ratio of 12.26 and a beta of 0.38. The firm's 50-day moving average is $43.56 and its two-hundred day moving average is $44.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

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, beating analysts' consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company's revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 earnings per share. Equities analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio is presently 35.65%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source