Gunderson Capital Management LLC Buys Shares of 89,457 Devon Energy Corporation $DVN

Key Points

• Gunderson Capital Management opened a new position in Devon Energy during the first quarter, buying 89,457 shares valued at about $4.5 million. The stake represents roughly 1.9% of the fund’s portfolio.
• Devon Energy continues to draw bullish analyst attention, with several firms raising price targets and ratings recently. MarketBeat says the stock has a consensus rating of Moderate Buy with an average price target of $58.85.
• The company raised its quarterly dividend to $0.32 per share, or $1.28 annualized, for a yield of about 3.0%. However, its latest earnings missed estimates on both EPS and revenue, and shares were trading down about 1% in the report.

Gunderson Capital Management LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 89,457 shares of the energy company's stock, valued at approximately $4,501,000. Devon Energy makes up approximately 1.9% of Gunderson Capital Management LLC's portfolio, making the stock its 28th largest position.

A number of other hedge funds have also modified their holdings of DVN. Adams Natural Resources Fund Inc. raised its holdings in shares of Devon Energy by 24.5% during the first quarter. Adams Natural Resources Fund Inc. now owns 372,400 shares of the energy company's stock worth $18,739,000 after acquiring an additional 73,200 shares in the last quarter. Fruth Investment Management acquired a new position in Devon Energy in the 1st quarter worth about $204,000. Wealth Effects LLC raised its stake in shares of Devon Energy by 1.6% during the 1st quarter. Wealth Effects LLC now owns 32,650 shares of the energy company's stock worth $1,643,000 after purchasing an additional 500 shares in the last quarter. Corecam AG purchased a new stake in shares of Devon Energy during the 1st quarter worth about $302,000. Finally, SmartHarvest Portfolios LLC acquired a new stake in shares of Devon Energy during the 1st quarter valued at about $201,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Mizuho boosted 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, May 27th. Susquehanna lifted their target price on shares of Devon Energy from $52.00 to $57.00 and gave the company a "positive" rating in a research note on Tuesday, April 21st. Capital One Financial decreased their target price on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, June 2nd. Wells Fargo & Company increased their price target on shares of Devon Energy from $66.00 to $68.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Finally, Citigroup raised their price target on shares of Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $58.85.

More Devon Energy News

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

• Positive Sentiment: Goldman Sachs upgraded Devon Energy to strong-buy, which can boost sentiment by signaling greater confidence in the company’s outlook. Zacks.com
• Positive Sentiment: Analyst and investor coverage continues to point to Devon as an attractive E&P name, with commentary noting cheaper valuation, a higher yield, and stronger return on equity than Diamondback Energy. Devon or Diamondback: Which E&P Stock Is the Better Investment?
• Positive Sentiment: Wall Street coverage has highlighted bullish hedge fund positioning and meaningful upside potential, reinforcing the view that DVN remains a value-and-income play for investors. What Does Wall Street Say About Devon Energy (DVN)?
• Neutral Sentiment: Devon has been among the more searched stocks on Zacks, which suggests rising investor attention but does not by itself change fundamentals. Investors Heavily Search Devon Energy Corporation (DVN): Here is What You Need to Know
• Neutral Sentiment: Devon completed a note exchange that simplifies its capital structure, a generally positive balance-sheet move, though the immediate stock impact is likely limited. Devon Energy Simplifies Capital Structure With Note Exchange
• Negative Sentiment: Toms Capital taking a top-five stake adds activist pressure for operational improvements and potential asset sales, increasing uncertainty around Devon’s post-merger strategy and capital allocation. Devon Energy (DVN) Faces Fresh Activist Pressure As Toms Capital Takes Top Five Stake

Devon Energy Stock Down 1.0%

Shares of Devon Energy stock opened at $42.18 on Friday. The stock has a market capitalization of $26.21 billion, a P/E ratio of 11.75 and a beta of 0.37. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average price of $45.99 and a two-hundred day moving average price of $43.49. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last released 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). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the business earned $0.82 EPS. The company's revenue for the quarter was down 14.5% compared to the same quarter last year. Equities analysts expect that Devon Energy Corporation will post 4.97 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, June 15th. This is a boost from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio (DPR) is 35.65%.

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction 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 represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were 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 directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last quarter. 4.58% of the stock is currently owned by company insiders.

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.

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