Pacer Advisors Inc. Acquires 6,097,658 Shares of Devon Energy Corporation $DVN

Key Points

• Pacer Advisors Inc. sharply increased its stake in Devon Energy, adding 6.1 million shares in the fourth quarter and lifting its holdings to 6.39 million shares, worth about $234 million.
• Wall Street sentiment remains mostly positive on DVN, with several analysts raising price targets and the stock holding a Moderate Buy consensus rating and an average target of $58.44.
• Devon Energy recently raised its quarterly dividend to $0.32 per share, while also facing some insider selling and reported activist pressure from TOMS Capital over asset sales and strategic direction.

Pacer Advisors Inc. grew its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 2,108.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,386,921 shares of the energy company's stock after acquiring an additional 6,097,658 shares during the quarter. Pacer Advisors Inc. owned about 1.03% of Devon Energy worth $233,953,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Accredited Wealth Management LLC boosted its holdings 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 worth $28,000 after purchasing an additional 308 shares in the last quarter. Ameriflex Group Inc. boosted its stake in shares of Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after purchasing an additional 702 shares during the period. MV Capital Management Inc. bought a new stake in Devon Energy in the 4th quarter worth $29,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Devon Energy in the fourth quarter worth about $29,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $31,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DVN. Royal Bank Of Canada lifted their target price on shares of Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 8th. Mizuho increased their target price on Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Morgan Stanley increased their price target on shares of Devon Energy from $59.00 to $66.00 and gave the company an "overweight" rating in a report on Thursday, May 21st. Roth Mkm reiterated a "buy" rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Finally, UBS Group cut their target price on shares of Devon Energy from $60.00 to $58.00 and set a "buy" rating for the company in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average target price of $58.44.

Insider Transactions at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred 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 completion of the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by insiders.

Key Stories Impacting Devon Energy

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

• Positive Sentiment: Several recent articles highlight Devon’s diversified multi-basin shale portfolio, disciplined capital allocation, and resilient cash flow, which could support long-term production growth and continued shareholder returns through dividends and buybacks. Can Devon's Multi-Basin Assets Sustain Growth for Years to Come?
• Positive Sentiment: Devon’s newly outlined 2026 production roadmap after the Coterra merger emphasizes high-return assets, especially the Permian Basin, while reaffirming its focus on shareholder returns. Devon's Multi-Basin Assets Sustain Growth for Years to Come?
• Neutral Sentiment: Devon said CEO Clay Gaspar will participate in a J.P. Morgan energy conference next week, which could provide additional commentary but is not a material event by itself. Devon Energy CEO Clay Gaspar to Participate in a Fireside Chat at the J.P. Morgan Energy, Power, Renewables & Mining Conference
• Neutral Sentiment: Market commentary continues to discuss Devon’s valuation and sensitivity to oil prices, but these pieces are largely analytical rather than company-specific catalysts. Devon Energy: Lower Oil, Higher Earnings, Shares Near Key Support
• Negative Sentiment: TOMS Capital has reportedly built a major stake in Devon Energy (DVN) and is pushing for faster asset sales or even a sale of the company, adding uncertainty around strategy and future corporate actions. Activist TOMS Capital pushes US shale producer Devon to quicken asset sales or sell itself, sources say
• Negative Sentiment: Another report said Devon is facing increased activist pressure after its merger with Coterra, which may be contributing to the stock’s weakness as investors assess potential disruption. Devon Energy Under Pressure as Activist Investor Toms Capital Builds Major Stake

Devon Energy Stock Performance

DVN opened at $42.21 on Friday. The company has a 50 day simple moving average of $46.49 and a two-hundred day simple moving average of $43.32. 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 has a market cap of $26.23 billion, a P/E ratio of 11.76 and a beta of 0.37. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 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 the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm's revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 earnings per share. Equities analysts forecast that Devon Energy Corporation will post 4.97 earnings per share 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 dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 3.0%. Devon Energy's dividend payout ratio is 35.65%.

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.

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.