Eurizon Capital SGR S.p.A. Makes New $2.78 Million Investment in Devon Energy Corporation $DVN

Key Points

• Eurizon Capital SGR S.p.A. opened a new position in Devon Energy in the fourth quarter, buying 75,749 shares worth about $2.78 million.
• Devon Energy has drawn broader institutional interest, with several funds adding to or starting stakes, and institutional investors now own about 69.72% of the stock.
• The company has recent catalysts including reports of a possible $8 billion bid for its Marcellus assets, analyst price-target increases, and a higher quarterly dividend of $0.32 per share versus $0.24 previously.

Eurizon Capital SGR S.p.A. bought a new position in Devon Energy Corporation (NYSE:DVN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 75,749 shares of the energy company's stock, valued at approximately $2,775,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Wedge Capital Management L L P NC bought a new stake in shares of Devon Energy in the 4th quarter valued at about $9,931,000. Allianz Asset Management GmbH grew its position in shares of Devon Energy by 4.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company's stock valued at $29,210,000 after buying an additional 33,974 shares during the last quarter. Investors Research Corp grew its position in shares of Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company's stock valued at $1,017,000 after buying an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC grew its position in shares of Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock valued at $5,911,000 after buying an additional 49,115 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan grew its position in shares of Devon Energy by 298.1% in the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company's stock valued at $1,585,000 after buying an additional 31,713 shares during the last quarter. 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: Reports that Stone Ridge has offered about $8 billion for Devon’s Marcellus assets have fueled investor hopes that the company can unlock value and streamline its portfolio. Stone Ridge tables $8bn bid for Devon Energy’s Marcellus assets
• Positive Sentiment: Devon’s stock was also helped by a stronger energy sector overall, as oil and gas shares rose alongside a gain in the NYSE Energy Sector Index. Sector Update: Energy Stocks Gain Monday Afternoon
• Positive Sentiment: Mizuho raised its price target on Devon Energy to $68 from $62 and reiterated an Outperform rating, citing support from higher oil prices. Mizuho Raises Devon Energy (DVN) Price Target as Higher Oil Prices Support Outlook
• Neutral Sentiment: Devon’s recent $2.6 billion Delaware Basin acreage acquisition adds to its long-term production base, but the move is more of a strategic growth update than an immediate stock catalyst. Devon Energy Corporation (DVN) Boosts Delaware Basin Position with $2.6B Acquisition
• Negative Sentiment: Devon’s stock had already surged recently, so some of the move may reflect short-term momentum rather than a fresh fundamental change. Devon Energy Corp (DVN) Shares Surge 4.1% -- What GF Score of 79 Tells Investors

Insider Buying and Selling

In related news, 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of the 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 transaction, the senior vice president directly owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 4.58% of the company's stock.

Analysts Set New Price Targets

DVN has been the topic of a number of analyst reports. Susquehanna upped their price target on Devon Energy from $52.00 to $57.00 and gave the company a "positive" rating in a research report on Tuesday, April 21st. Zacks Research lowered Devon Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Citigroup upped their target price on Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, May 20th. UBS Group cut their target price on Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Finally, Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $57.96.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $46.28 on Tuesday. The company has a market cap of $28.76 billion, a PE ratio of 12.89 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $30.75 and a 52 week high of $52.71. The business has a 50 day moving average price of $47.91 and a 200-day moving average price of $42.51. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business's revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share. Equities analysts anticipate that Devon Energy Corporation will post 4.24 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is 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.

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.