LSV Asset Management Purchases 354,500 Shares of Devon Energy Corporation $DVN

Key Points

• LSV Asset Management boosted its stake in Devon Energy by 79.6% in the fourth quarter, buying 354,500 additional shares and bringing its holdings to 799,587 shares valued at about $29.3 million.
• Devon Energy reported mixed quarterly results, with EPS of $1.04 slightly below estimates and revenue of $3.81 billion well under expectations, though earnings were higher than a year earlier. Analysts still expect the company to post 5.15 EPS for the full year.
• The company raised its quarterly dividend to $0.32 per share from $0.24, implying an annualized yield of 2.7%, while Wall Street maintains a generally positive view with an average Moderate Buy rating and target price of $57.30.

LSV Asset Management raised its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 79.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 799,587 shares of the energy company's stock after acquiring an additional 354,500 shares during the quarter. LSV Asset Management owned about 0.13% of Devon Energy worth $29,289,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. TD Private Client Wealth LLC raised its holdings in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after acquiring an additional 236 shares during the period. Catalyst Financial Partners LLC raised its holdings in Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after acquiring an additional 254 shares during the period. Aprio Wealth Management LLC raised its holdings in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company's stock valued at $264,000 after acquiring an additional 297 shares during the period. Accredited Wealth Management LLC raised its holdings in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after acquiring an additional 308 shares during the period. Finally, Lindenwold Advisors INC raised its holdings in Devon Energy by 1.2% in the 3rd quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company's stock valued at $950,000 after acquiring an additional 314 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $47.29 on Monday. The company's 50 day moving average price is $48.14 and its two-hundred day moving average price is $42.01. Devon Energy Corporation has a 12-month low of $30.24 and a 12-month high of $52.71. The firm has a market cap of $29.38 billion, a PE ratio of 13.17 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 (NYSE:DVN - Get Free Report) last announced its earnings results 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). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business 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 company earned $0.82 EPS. The business's revenue for the quarter was down 14.5% on a year-over-year basis. Equities research analysts predict that Devon Energy Corporation will post 5.15 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. 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 currently 26.74%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on DVN shares. TD Cowen increased their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a "hold" rating in a report on Tuesday, March 17th. Capital One Financial lowered their price target on shares of Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. Wolfe Research increased their price target on shares of Devon Energy from $64.00 to $65.00 and gave the company an "outperform" rating in a report on Monday, April 6th. Roth Mkm reissued a "buy" rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, April 28th. Finally, Morgan Stanley increased their target price on shares of Devon Energy from $59.00 to $66.00 and gave the stock an "overweight" rating in a research report on Thursday. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and an average target price of $57.30.

Key Devon Energy News

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

• Positive Sentiment: Devon announced a major $2.6 billion acquisition of 16,300 net undeveloped acres in the core Delaware Basin, adding about 400 drilling locations and extending its long-term inventory. The company says the acreage has favorable economics, strong productivity, and will be funded with cash while keeping its credit profile intact. Article Title
• Positive Sentiment: Morgan Stanley raised its price target on DVN to $66 from $59 and kept an overweight rating, signaling Wall Street sees upside from current levels.
• Positive Sentiment: Devon also said it completed merger-related integration steps with Coterra and launched note exchange offers, which may help simplify and manage the combined capital structure after the deal. Article Title
• Neutral Sentiment: Zacks users have been heavily searching for Devon Energy, which mainly reflects elevated investor attention rather than a direct fundamental change. Article Title
• Neutral Sentiment: Zacks Research mostly kept a Strong Buy view, but cut several near- and medium-term EPS estimates for Devon, which could modestly temper sentiment around future earnings.
• Negative Sentiment: Devon’s recent exchange offers require eligible Coterra noteholders to accept slightly less than full principal value in the new notes and cash package, which is a mild negative for those holders even if it helps Devon manage debt after the merger.

Insider Buying and Selling

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction that occurred on 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 sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.71% of the company's stock.

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.

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.