ING Groep NV Has $6.78 Million Stock Holdings in Devon Energy Corporation $DVN

Key Points

• ING Groep NV boosted its Devon Energy stake by 125.5% in the fourth quarter, ending with 185,069 shares valued at about $6.78 million.
• Devon Energy recently raised its quarterly dividend to $0.32 per share from $0.24, implying a $1.28 annual payout and a 2.8% yield.
• Analyst sentiment remains generally positive, with multiple firms lifting price targets and MarketBeat citing a Moderate Buy consensus and a $58.67 average target price, even though the latest earnings missed estimates.

ING Groep NV lifted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 125.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 185,069 shares of the energy company's stock after acquiring an additional 103,004 shares during the quarter. ING Groep NV's holdings in Devon Energy were worth $6,779,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of DVN. AQR Capital Management LLC increased its stake in shares of Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Sourcerock Group LLC increased its stake in shares of Devon Energy by 2,132.3% in the second quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company's stock worth $55,708,000 after acquiring an additional 1,672,824 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Devon Energy by 446.7% in the fourth quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company's stock worth $45,286,000 after acquiring an additional 1,010,170 shares during the last quarter. MUFG Securities EMEA plc increased its stake in shares of Devon Energy by 7,667.4% in the fourth quarter. MUFG Securities EMEA plc now owns 943,817 shares of the energy company's stock worth $34,572,000 after acquiring an additional 931,666 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Devon Energy by 704.3% in the third quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company's stock worth $34,187,000 after acquiring an additional 853,875 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.9%

Shares of NYSE:DVN opened at $45.11 on Tuesday. The stock has a market capitalization of $28.03 billion, a PE ratio of 12.56 and a beta of 0.38. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The firm has a fifty 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 issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company's revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.82 earnings per share. Analysts expect that Devon Energy Corporation will post 4.41 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. This is a boost from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, June 15th. Devon Energy's dividend payout ratio is currently 26.74%.

Insiders Place Their Bets

In related news, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction on Thursday, May 14th. The shares were 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 approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's 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 sale, 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company's stock.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DVN. Wolfe Research upped their price target on shares of Devon Energy from $64.00 to $65.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Truist Financial upped their price target on shares of Devon Energy from $63.00 to $66.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Roth Mkm reaffirmed a "buy" rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, April 28th. Zacks Research downgraded shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Finally, Susquehanna upped their price objective on shares of Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a report on Tuesday, April 21st. Two research 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.67.

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.