North Dakota State Investment Board Takes Position in Devon Energy Corporation $DVN

Key Points

• North Dakota State Investment Board opened a new position in Devon Energy during the fourth quarter, buying 21,314 shares valued at about $781,000.
• Several analysts remain constructive on DVN, with recent ratings including buy and overweight calls; Raymond James even raised its target to $72, while the consensus target is about $57.04.
• Devon Energy reported mixed quarterly results, missing EPS and revenue estimates, but it also raised its quarterly dividend to $0.32 per share, implying a 2.6% yield.

North Dakota State Investment Board bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 21,314 shares of the energy company's stock, valued at approximately $781,000.

A number of other hedge funds have also made changes to their positions in the business. Catalyst Financial Partners LLC raised its stake in shares of 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 stake in shares of 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 stake in shares of 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. Lindenwold Advisors INC raised its stake in shares of 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. Finally, OneDigital Investment Advisors LLC raised its stake in shares of Devon Energy by 2.6% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company's stock valued at $442,000 after acquiring an additional 318 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on DVN. Roth Mkm reissued a "buy" rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Capital One Financial dropped their price target on shares of Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 14th. Wolfe Research lifted 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. Wall Street Zen downgraded shares of Devon Energy from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, Raymond James Financial raised shares of Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 price target on the stock in a research note on Tuesday, May 5th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $57.04.

Devon Energy Stock Performance

Devon Energy stock opened at $48.46 on Thursday. Devon Energy Corporation has a 12-month low of $30.24 and a 12-month high of $52.71. The company has a market capitalization of $30.12 billion, a price-to-earnings ratio of 13.50 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The firm's fifty day moving average price is $48.03 and its 200 day moving average price is $41.80.

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 analysts' expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business's quarterly revenue was down 14.5% on a year-over-year basis. During the same period last year, the firm earned $0.82 EPS. On average, research analysts forecast that Devon Energy Corporation will post 5.25 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio (DPR) is 26.74%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's 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 transaction, the executive vice president directly owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.71% of the stock is owned by company insiders.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: Jefferies raised its view on Devon Energy, lifting its price target and saying the company has multiple catalysts that could drive shares higher, including benefits tied to recent deal activity and other operational tailwinds. Jefferies Sees Multiple Catalysts Driving Devon Energy (DVN) Higher after Coterra Deal
• Positive Sentiment: Wells Fargo maintained a favorable outlook on Devon Energy, and Jim Cramer also highlighted DVN on CNBC, saying the company has “tremendous natural gas,” which adds to the bullish sentiment around the stock. Cramer Flags AI Winners, Warns STMicro Is 'Late Late Late' At 51x Earnings
• Positive Sentiment: Devon’s recent earnings-call highlights emphasized cash generation and synergy opportunities, reinforcing the idea that management sees room to improve profitability and shareholder returns. Devon Energy Earnings Call Highlights Cash, Synergies
• Neutral Sentiment: Broader energy-sector strength has helped support DVN, with energy stocks outperforming this year and analysts still seeing upside in select names. Energy Stocks Are Up 33% This Year — Analysts Think 5 Will Jump
• Negative Sentiment: Oil-price volatility remains a risk: if Iran-U.S. talks progress, crude prices could fall quickly, which would pressure sentiment for energy producers like Devon Energy. Oil Could Drop Fast If the Iran Talks Succeed. Here's How to Hedge Your Energy Portfolio.

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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