RHL Group LLC Takes $1.09 Million Position in Devon Energy Corporation $DVN

Key Points

• RHL Group LLC initiated a new position in Devon Energy, buying 29,683 shares valued at about $1.09 million; the stake represents roughly 0.9% of its portfolio.
• Analysts remain broadly constructive on DVN, with multiple firms raising price targets and the stock carrying a consensus Moderate Buy rating and average target of $57.30.
• Devon recently raised its quarterly dividend to $0.32 per share from $0.24, while executives also sold shares and the company’s latest earnings missed Wall Street expectations on both EPS and revenue.

RHL Group LLC bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 29,683 shares of the energy company's stock, valued at approximately $1,087,000. Devon Energy makes up about 0.9% of RHL Group LLC's holdings, making the stock its 16th biggest holding.

A number of other hedge funds have also recently bought and sold shares of DVN. Accredited Wealth Management LLC grew its stake in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after purchasing an additional 308 shares in the last quarter. Ameriflex Group Inc. grew its stake in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after purchasing an additional 702 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Devon Energy during the 3rd quarter valued at approximately $31,000. Olistico Wealth LLC acquired a new stake in Devon Energy during the 4th quarter valued at approximately $31,000. Finally, Elyxium Wealth LLC acquired a new stake in Devon Energy during the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on DVN shares. Sanford C. Bernstein raised their price objective on Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Argus raised their price objective on Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Truist Financial started coverage on Devon Energy in a research note on Tuesday, March 24th. They set a "buy" rating and a $63.00 price objective for the company. Wall Street Zen lowered Devon Energy from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Finally, Siebert Williams Shank raised 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. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.30.

Insider Activity at Devon Energy

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

Devon Energy Trading Up 0.1%

NYSE:DVN opened at $47.29 on Monday. 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 business's 50 day moving average is $48.14 and its two-hundred day moving average is $42.01. Devon Energy Corporation has a 52 week low of $30.24 and a 52 week high of $52.71. The company has a market cap of $29.38 billion, a PE ratio of 13.17 and a beta of 0.43.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 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 firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the business earned $0.82 EPS. The company's quarterly revenue was down 14.5% on a year-over-year basis. On average, analysts predict that Devon Energy Corporation will post 5.15 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. Investors of record on Monday, June 15th will be issued a $0.32 dividend. This is a positive change 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 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is 26.74%.

Trending Headlines about Devon Energy

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.

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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