Leonteq Securities AG Acquires New Stake in Devon Energy Corporation $DVN

Key Points

• Leonteq Securities AG disclosed a new fourth-quarter stake in Devon Energy, buying 33,785 shares worth about $1.24 million.
• Devon Energy continues to attract institutional interest, with hedge funds and other investors holding about 69.72% of the stock. Several firms increased their positions in recent quarters.
• The company has been active on the growth and capital-return front, including a $2.6 billion Delaware Basin land acquisition and a higher quarterly dividend of $0.32 per share, though recent earnings missed analyst estimates and the stock was down 2.7%.

Leonteq Securities AG acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 33,785 shares of the energy company's stock, valued at approximately $1,238,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company's stock valued at $415,319,000 after buying an additional 560,652 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 6.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company's stock worth $327,938,000 after purchasing an additional 552,068 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Devon Energy by 29.3% during the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company's stock worth $288,306,000 after purchasing an additional 1,862,720 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Devon Energy by 5.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 4,712,190 shares of the energy company's stock worth $165,210,000 after purchasing an additional 246,179 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Devon Energy by 3.4% during the 3rd quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company's stock worth $115,234,000 after purchasing an additional 106,824 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy News Summary

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

• Positive Sentiment: Devon Energy expanded its Delaware Basin footprint by buying 16,300 net undeveloped acres in New Mexico for about $2.6 billion, a move expected to add roughly 400 drilling locations, extend inventory life, and support future production growth. Reuters: Devon boosts Delaware Basin footprint with $2.6 billion land acquisition
• Positive Sentiment: Devon was reported as the biggest buyer in a record U.S. oil and gas lease auction, signaling an aggressive push to lock in high-quality acreage and strengthen its long-term asset base. Seeking Alpha: Devon Energy biggest buyer in record $4B U.S. oil and gas auction
• Positive Sentiment: Morgan Stanley raised its price target on DVN to $66 from $59 and reiterated an overweight rating, implying further upside from recent levels. MarketScreener: Morgan Stanley adjusts Devon Energy price target
• Positive Sentiment: Other analysts also sounded constructive, with Zacks raising near-term EPS estimates and maintaining a strong-buy view, while earlier coverage from Jefferies and Wells Fargo pointed to additional catalysts. TipRanks: Devon Energy expands Delaware Basin position with major acquisition
• Neutral Sentiment: Jim Cramer also publicly highlighted Devon Energy as a stock to buy, adding to the recent positive attention on the name. Yahoo Finance: Jim Cramer on Devon Energy
• Negative Sentiment: Energy stocks were generally lower on Thursday, which likely weighed on Devon Energy despite the company-specific positives. Yahoo Finance: Sector Update Energy Stocks Decline Thursday Afternoon

Insider Buying and Selling at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The stock was 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. The trade was a 14.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on 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 transaction, the senior vice president directly owned 130,540 shares of the company's stock, valued at $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. Insiders own 0.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on DVN shares. Roth Mkm restated a "buy" rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Siebert Williams Shank boosted their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Capital One Financial decreased their target price on shares of Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 14th. Wall Street Zen lowered shares of Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. Finally, UBS Group decreased their target price on shares of Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average price target of $57.30.

Devon Energy Trading Down 2.7%

NYSE:DVN opened at $47.17 on Friday. The company has a market capitalization of $29.31 billion, a PE ratio of 13.14 and a beta of 0.43. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 52-week low of $30.24 and a 52-week high of $52.71. The stock has a fifty day simple moving average of $48.10 and a 200-day simple moving average of $41.91.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company's quarterly revenue was down 14.5% compared to the same quarter last year. During the same period last year, the firm earned $0.82 EPS. On average, equities research analysts expect that Devon Energy Corporation will post 5.25 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio is presently 26.74%.

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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