Geode Capital Management LLC Has $700.24 Million Holdings in Devon Energy Corporation $DVN

Key Points

• Geode Capital Management increased its Devon Energy stake by 1.0% in the fourth quarter, ending with 19.18 million shares worth about $700.24 million, or 3.06% of the company.
• Devon Energy recently raised its quarterly dividend to $0.32 per share from $0.24, giving it an annualized payout of $1.28 and a yield of about 2.9%.
• The company reported mixed quarterly results, with EPS of $1.04 narrowly missing estimates and revenue of $3.81 billion falling short of expectations, even as analysts kept a generally positive outlook with an average price target of $57.85.

Geode Capital Management LLC increased its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,177,835 shares of the energy company's stock after buying an additional 186,743 shares during the quarter. Geode Capital Management LLC owned 3.06% of Devon Energy worth $700,238,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Coordinated Financial Services Inc. raised its stake in shares of Devon Energy by 18.2% in the 4th quarter. Coordinated Financial Services Inc. now owns 8,759 shares of the energy company's stock valued at $321,000 after purchasing an additional 1,350 shares during the period. Fidelis Capital Partners LLC raised its stake in shares of Devon Energy by 6.4% in the 4th quarter. Fidelis Capital Partners LLC now owns 6,109 shares of the energy company's stock valued at $224,000 after purchasing an additional 370 shares during the period. Cary Street Partners Investment Advisory LLC raised its stake in shares of Devon Energy by 21.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock valued at $54,000 after purchasing an additional 257 shares during the period. Bleakley Financial Group LLC raised its stake in shares of Devon Energy by 15.3% in the 4th quarter. Bleakley Financial Group LLC now owns 20,327 shares of the energy company's stock valued at $745,000 after purchasing an additional 2,698 shares during the period. Finally, Wellington Shields & Co. LLC raised its stake in shares of Devon Energy by 22.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 30,726 shares of the energy company's stock valued at $1,125,000 after purchasing an additional 5,701 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Activity

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated 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 completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, 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 disclosure for this sale is available in the SEC filing. 0.71% of the stock is owned by company insiders.

Devon Energy Price Performance

Shares of NYSE DVN opened at $44.54 on Friday. The stock has a market capitalization of $27.68 billion, a price-to-earnings ratio of 12.41 and a beta of 0.43. The business has a 50-day moving average of $47.96 and a 200-day moving average of $42.37. 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 Corporation has a fifty-two week low of $30.24 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share 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 net margin of 13.71% and a return on equity of 15.22%. Devon Energy's revenue was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 EPS. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.24 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio is 26.74%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DVN. Royal Bank Of Canada lifted their price target on Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 8th. Wolfe Research lifted their price target on Devon Energy from $64.00 to $65.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. Argus lifted their price target on Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Citigroup lifted their price target on Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, May 20th. Finally, Mizuho lifted their price target on Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a research note on Wednesday. Three analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and an average price target of $57.85.

Trending Headlines about Devon Energy

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

• Positive Sentiment: Reuters reported that Devon Energy has received a roughly $8 billion offer for its Marcellus shale assets from Stone Ridge Asset Management, a deal that could unlock significant value and give the company flexibility to reshape its portfolio.
• Positive Sentiment: Zacks Research raised its earnings estimates for Devon Energy across several periods, including FY2026 to $4.39 per share, FY2027 to $4.43, and FY2028 to $4.82, suggesting a stronger long-term earnings outlook.
• Positive Sentiment: Citi recently lifted its price target on Devon Energy to $65 from $60 while keeping a Buy rating, indicating at least some analysts still see upside from current levels. Article: Citi Raises its Price Target on Devon Energy (DVN)
• Neutral Sentiment: Zacks Research maintained a Hold rating despite the higher estimates, so the upgrade in earnings forecasts was not paired with a more bullish stock recommendation.
• Negative Sentiment: Devon was downgraded by Zacks Research from Strong Buy to Hold, which may have added to near-term caution around the shares.

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.

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