Havemeyer Place LP Makes New $870,000 Investment in Devon Energy Corporation $DVN

Key Points

• Havemeyer Place LP initiated a new position in Devon Energy during the fourth quarter, buying 23,741 shares valued at about $870,000.
• Devon Energy recently raised its quarterly dividend to $0.32 per share from $0.24, implying a 2.8% yield and a lower payout ratio of 26.74%.
• Analyst sentiment remains mostly positive: several firms have lifted targets or ratings, and the stock currently carries a Moderate Buy consensus with an average price target of $58.67.

Havemeyer Place LP acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 23,741 shares of the energy company's stock, valued at approximately $870,000.

A number of other large investors also recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S raised its position in Devon Energy by 462.1% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 159,808 shares of the energy company's stock worth $5,854,000 after acquiring an additional 131,377 shares during the period. Pinebridge Investments LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $307,000. WINTON GROUP Ltd raised its position in shares of Devon Energy by 15.8% in the fourth quarter. WINTON GROUP Ltd now owns 754,273 shares of the energy company's stock valued at $27,629,000 after buying an additional 102,982 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Devon Energy by 21.7% in the fourth quarter. Parallel Advisors LLC now owns 16,285 shares of the energy company's stock valued at $597,000 after buying an additional 2,900 shares during the last quarter. Finally, Total Wealth Planning & Management Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $763,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock opened at $45.11 on Tuesday. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month high of $52.71. The stock has a market cap of $28.03 billion, a P/E ratio of 12.56 and a beta of 0.38. The company has a 50-day moving average price of $47.48 and a 200 day moving average price of $42.87. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the business posted $0.82 earnings per share. Devon Energy's revenue for the quarter was down 14.5% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Corporation will post 4.41 earnings per share for the current 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 dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This is an increase from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is 26.74%.

Analysts Set New Price Targets

A number of brokerages have recently commented on DVN. Tudor Pickering upgraded shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Wall Street Zen cut shares of Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. Morgan Stanley increased their target price on shares of Devon Energy from $59.00 to $66.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. TD Cowen increased their target price on shares of Devon Energy from $46.00 to $50.00 and gave the company a "hold" rating in a research report on Tuesday, March 17th. Finally, Sanford C. Bernstein increased their target price on shares of Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $58.67.

Devon Energy News Roundup

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

• Positive Sentiment: J.P. Morgan reinstated coverage on Devon Energy with an Overweight rating and a $62 price target, signaling analyst confidence in the stock’s upside potential. Devon Energy moved to Overweight at J.P. Morgan on 'core of the core' acreage
• Positive Sentiment: Devon’s exchange offers for Coterra notes saw strong early tender participation, which may support the company’s restructuring and debt-management efforts. Devon Announces Results of Early Participation in Private Exchange Offers and Consent Solicitations and Extension of Deadline to Receive Total Exchange Consideration
• Positive Sentiment: Investor discussion has turned optimistic around Devon’s capital-return strategy, including its share repurchase program and higher dividend after the Coterra merger. Devon Energy Reshapes Portfolio And Capital Returns After Coterra Merger
• Neutral Sentiment: Energy stocks were broadly firmer in premarket trading, providing a supportive sector backdrop for Devon Energy. Sector Update: Energy Stocks Advance Premarket Monday
• Neutral Sentiment: One insider sale was disclosed in recent months, but this appears secondary to the larger analyst and corporate-action catalysts. Devon Energy Stock (DVN) Opinions on Analyst Coverage Reinstatement

Insider Activity

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares of the company's stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the 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 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 position. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by company insiders.

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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