PKO BP BANKOWY Universal Pension Society JSC Invests $6.50 Million in Devon Energy Corporation $DVN

Key Points

• PKO BP BANKOWY Universal Pension Society JSC opened a new position in Devon Energy during the fourth quarter, buying 177,491 shares worth about $6.5 million. The stock now accounts for 3.3% of the fund’s portfolio and is its 7th-largest holding.
• Sentiment around Devon Energy remains upbeat: Jefferies and Wells Fargo both raised price targets and kept bullish ratings, while the stock also moved back above its 20-day and 50-day moving averages. Options activity also surged, suggesting traders are positioning for more upside.
• Devon Energy recently increased its quarterly dividend to $0.32 per share from $0.24, while its latest earnings missed expectations on both EPS and revenue. Even so, analysts still see modest upside, with a consensus price target of $56.85.

PKO BP BANKOWY Universal Pension Society JSC bought a new position in Devon Energy Corporation (NYSE:DVN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 177,491 shares of the energy company's stock, valued at approximately $6,501,000. Devon Energy makes up 3.3% of PKO BP BANKOWY Universal Pension Society JSC's portfolio, making the stock its 7th biggest holding.

Several other institutional investors and hedge funds have also modified their holdings of the business. TD Private Client Wealth LLC boosted its holdings in shares of 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 worth $262,000 after acquiring an additional 236 shares in the last quarter. Catalyst Financial Partners LLC boosted its holdings 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 worth $246,000 after acquiring an additional 254 shares in the last quarter. Aprio Wealth Management LLC boosted its holdings 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 worth $264,000 after acquiring an additional 297 shares in the last quarter. 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 acquiring an additional 308 shares in the last quarter. Finally, Lindenwold Advisors INC boosted its holdings 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 worth $950,000 after acquiring an additional 314 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Key Devon Energy News

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

• Positive Sentiment: Jefferies raised its price target on Devon Energy to $63 from $62 and kept a buy rating, signaling continued confidence in upside potential. Jefferies adjusts price target on Devon Energy to 63 from 62, maintains buy rating
• Positive Sentiment: Wells Fargo increased its target to $68 from $66 and reiterated an overweight rating, which suggests analysts see meaningful room for the stock to run. Wells Fargo adjusts price target on Devon Energy to 68 from 66, maintains overweight rating
• Positive Sentiment: The stock moved back above its 20-day and 50-day moving averages, a technical signal often viewed as short-term bullish momentum. Devon Energy crossed above the 20-day moving average Devon Energy crossed above the 50-day moving average
• Positive Sentiment: Trading in Devon Energy options jumped sharply, with call volume more than doubling versus average levels, indicating traders are positioning for further upside.
• Positive Sentiment: RBC noted that Devon could get support from upcoming combined-company guidance with Coterra Energy, along with an asset review and buyback-related catalysts. Devon Energy Could Gain From Merger Update in June, Asset Review, Buybacks, RBC Says
• Neutral Sentiment: Additional commentary from Zacks called Devon Energy a strong momentum stock, reinforcing the recent bullish sentiment but not adding a new company-specific catalyst. Here's Why Devon Energy (DVN) is a Strong Momentum Stock
• Neutral Sentiment: Devon was also mentioned in a dividend-growth roundup and a bullish Seeking Alpha piece, which may help sentiment but are secondary to the analyst upgrades and technical breakout. From High-Yield to High-Growth: 3 Stocks Boosting Dividends Devon Energy: A New Era Begins, And The Market Still Undervalues It
• Negative Sentiment: A company insider sale was reported, with Adam Vela selling shares; this can slightly temper sentiment, though it is smaller than the positive analyst and technical drivers. Adam Vela Sells 24,342 Shares of Devon Energy Stock

Devon Energy Stock Performance

DVN stock opened at $49.66 on Tuesday. The business's fifty day moving average is $47.85 and its 200-day moving average is $41.56. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company has a market cap of $30.86 billion, a P/E ratio of 13.83 and a beta of 0.43. Devon Energy Corporation has a twelve month low of $30.24 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly 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 company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.82 EPS. Equities research analysts forecast that Devon Energy Corporation will post 5.25 EPS for the current year.

Devon Energy Increases Dividend

The business 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 $0.32 dividend. This is an increase 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 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is currently 26.74%.

Analyst Ratings Changes

Several research analysts have issued reports on DVN shares. Susquehanna upped their price objective on Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a report on Tuesday, April 21st. Wall Street Zen downgraded Devon Energy from a "buy" rating to a "hold" rating in a report on Sunday. Zacks Research raised Devon Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Piper Sandler upped their price objective on Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Finally, Argus upped their price objective on Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.85.

Insiders Place Their Bets

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares of the company's stock, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.73% of the company's stock.

About Devon Energy

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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