NewEdge Wealth LLC Makes New Investment in Devon Energy Corporation $DVN

Key Points

• NewEdge Wealth LLC initiated a new position in Devon Energy in the fourth quarter, buying 399,681 shares worth about $14.64 million. The filing shows the fund owned roughly 0.06% of the company.
• Devon Energy’s biggest recent corporate move was its merger with Coterra Energy, which created a larger shale operator while keeping the DVN listing. Management also approved an $8 billion share buyback, signaling confidence in the stock.
• The company raised its quarterly dividend to $0.32 per share from $0.24, but its latest earnings were mixed, with EPS and revenue both missing estimates. Analysts still rate the stock Moderate Buy on average, with a consensus price target of $55.59.

NewEdge Wealth LLC bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 399,681 shares of the energy company's stock, valued at approximately $14,640,000. NewEdge Wealth LLC owned about 0.06% of Devon Energy as of its most recent SEC filing.

Several other large investors also recently modified their holdings of DVN. Wedge Capital Management L L P NC bought a new position in Devon Energy during the fourth quarter valued at $9,931,000. Allianz Asset Management GmbH raised its position in shares of Devon Energy by 4.3% in the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company's stock valued at $29,210,000 after purchasing an additional 33,974 shares during the period. Investors Research Corp boosted its holdings in Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company's stock worth $1,017,000 after buying an additional 27,575 shares during the period. Philip James Wealth Mangement LLC grew its stake in Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock valued at $5,911,000 after buying an additional 49,115 shares in the last quarter. Finally, Greatmark Investment Partners Inc. grew its stake in Devon Energy by 5.6% in the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company's stock valued at $20,052,000 after buying an additional 30,435 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy News Summary

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

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Analysts Set New Price Targets

Several research firms have issued reports on DVN. Wall Street Zen upgraded Devon Energy from a "hold" rating to a "buy" rating in a research report on Saturday. Siebert Williams Shank boosted their price objective on Devon Energy from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Monday, January 26th. UBS Group dropped their price objective on Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. BMO Capital Markets lifted their target price on Devon Energy from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Tuesday, April 7th. Finally, Jefferies Financial Group upped their price target on Devon Energy from $44.00 to $53.00 and gave the company a "hold" rating in a research report on Monday, April 13th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $55.59.

Devon Energy Price Performance

NYSE:DVN opened at $45.60 on Friday. 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 moving average of $47.32 and a 200 day moving average of $40.82. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 1.01. The firm has a market capitalization of $28.34 billion, a price-to-earnings ratio of 12.70, a P/E/G ratio of 0.70 and a beta of 0.43.

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 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%.Devon Energy's revenue was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 earnings per share. On average, research analysts expect that Devon Energy Corporation will post 5.66 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business 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 is an increase 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 of this dividend is Monday, June 15th. Devon Energy's payout ratio is 26.74%.

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.

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