GQG Partners LLC Purchases New Holdings in Devon Energy Corporation $DVN

Key Points

• GQG Partners acquired 9.74 million Devon Energy shares worth approximately $402.6 million, giving the fund a 1.57% stake. Institutional investors collectively own 69.72% of the company.
• Devon Energy reported strong quarterly results, with EPS of $1.57 beating estimates by $0.17 and revenue of $7.42 billion rising 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, equivalent to a 2.6% annualized yield.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $59.15 versus the stock’s cited $49.19 price. However, recent downward revisions to several future EPS forecasts and an insider share sale present potential concerns.

GQG Partners LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,742,444 shares of the energy company's stock, valued at approximately $402,558,000. GQG Partners LLC owned approximately 1.57% of Devon Energy at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. LSV Asset Management increased its stake in Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock valued at $29,289,000 after purchasing an additional 354,500 shares in the last quarter. Morningstar Investment Management LLC bought a new position in shares of Devon Energy in the fourth quarter worth approximately $2,089,000. Kimmeridge Energy Management Company LLC grew its holdings in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after buying an additional 3,195,862 shares during the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after buying an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC increased its position in shares of Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after acquiring an additional 80,000 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 0.2%

Shares of DVN stock opened at $49.19 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The stock has a market cap of $54.11 billion, a P/E ratio of 11.68, a P/E/G ratio of 1.35 and a beta of 0.38. The company has a 50 day simple moving average of $43.73 and a two-hundred day simple moving average of $45.45.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the previous year, the firm posted $0.84 EPS. The company's revenue for the quarter was up 73.1% compared to the same quarter last year. On average, research analysts expect that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.58% of the stock is currently owned by insiders.

More Devon Energy News

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

• Positive Sentiment: Zacks Research raised its Q2 2027 EPS forecast to $1.05 from $1.03 and its FY2028 estimate to $4.76 from $4.73. These modest upgrades suggest some confidence in Devon Energy’s longer-term earnings potential. Zacks Research Raises Earnings Estimates for Devon Energy
• Neutral Sentiment: Devon Energy announced a major executive leadership reshuffle effective August 20. The change could improve execution or strategic focus, but the available report does not provide enough detail to determine its financial impact. Devon Energy Announces Major Executive Leadership Reshuffle
• Neutral Sentiment: Analysts published commentary covering Devon Energy and Plains All American, but the available headline does not disclose a specific rating change, target-price adjustment, or forecast that would clearly move DVN shares. Analysts Offer Insights on Energy Companies: Plains All American and Devon Energy
• Negative Sentiment: Zacks cut its Q3 2026 EPS forecast to $1.13 from $1.24, Q3 2027 to $0.89 from $1.19, Q4 2027 to $1.04 from $1.23, and FY2027 to $4.29 from $4.70. The reductions outweigh the small upward revisions and may pressure sentiment. Zacks maintains a “Hold” rating.

Analysts Set New Price Targets

A number of brokerages recently weighed in on DVN. Citigroup boosted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Jefferies Financial Group boosted their price target on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. UBS Group dropped their price objective on Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. JPMorgan Chase & Co. decreased their target price on Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, July 8th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Devon Energy in a research note on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $59.15.

Devon Energy 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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

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