Grandfield & Dodd LLC Sells 22,873 Shares of Devon Energy Corporation $DVN

Key Points

• Grandfield & Dodd LLC cut its Devon Energy stake by 7.1% in the fourth quarter, selling 22,873 shares and leaving it with 297,578 shares valued at about $10.9 million.
• Devon Energy recently boosted its quarterly dividend to $0.32 per share from $0.24, implying an annualized payout of $1.28 and a yield of about 2.9%.
• Analysts remain mixed but generally constructive: Citi raised its price target to $65 and Devon has a consensus rating of Moderate Buy, even as some firms trimmed ratings and the company’s latest earnings missed estimates.

Grandfield & Dodd LLC reduced its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 7.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 297,578 shares of the energy company's stock after selling 22,873 shares during the quarter. Grandfield & Dodd LLC's holdings in Devon Energy were worth $10,900,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of DVN. Woodline Partners LP raised its stake in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock worth $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Devon Energy during the second quarter worth $403,000. Jump Financial LLC raised its stake in Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock worth $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock worth $4,736,000 after acquiring an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock worth $4,586,000 after acquiring an additional 8,127 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting 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.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $44.54 on Friday. Devon Energy Corporation has a twelve month low of $30.24 and a twelve month high of $52.71. The firm has a market cap of $27.68 billion, a PE ratio of 12.41 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The business has a fifty day moving average of $47.96 and a 200-day moving average of $42.37.

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

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. The ex-dividend date 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 yield of 2.9%. Devon Energy's dividend payout ratio is 26.74%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on DVN shares. Susquehanna increased their price objective on Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a research note on Tuesday, April 21st. Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Evercore started coverage on Devon Energy in a research note on Friday, May 15th. They issued an "in-line" rating and a $54.00 target price for the company. Citigroup raised their target price 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, Wall Street Zen lowered Devon Energy from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $57.85.

Insider Transactions at Devon Energy

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 value of $1,149,185.82. Following the completion of the sale, the senior vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 completion of the sale, the executive vice president owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.71% of the stock is owned by company insiders.

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.

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