TrueMark Investments LLC Makes New Investment in Devon Energy Corporation $DVN

Key Points

• TrueMark Investments LLC opened a new position in Devon Energy in the first quarter, buying 109,973 shares valued at about $5.53 million.
• Institutional interest in DVN remains high, with hedge funds and other investors owning 69.72% of the company, even as some insiders have recently sold shares.
• Devon Energy reported mixed fundamentals: its latest quarter missed EPS and revenue estimates, but the company also raised its quarterly dividend to $0.32 per share, implying a 3.0% yield.

TrueMark Investments LLC bought a new position in Devon Energy Corporation (NYSE:DVN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 109,973 shares of the energy company's stock, valued at approximately $5,534,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC grew its stake in Devon Energy by 15.3% in the first quarter. Fifth Third Wealth Advisors LLC now owns 6,762 shares of the energy company's stock worth $340,000 after purchasing an additional 895 shares during the period. Thoma Capital Management LLC lifted its position in Devon Energy by 4.4% during the first quarter. Thoma Capital Management LLC now owns 20,296 shares of the energy company's stock valued at $1,021,000 after buying an additional 861 shares during the period. Cidel Asset Management Inc. lifted its position in Devon Energy by 19.1% during the first quarter. Cidel Asset Management Inc. now owns 14,098 shares of the energy company's stock valued at $709,000 after buying an additional 2,263 shares during the period. PKO Investment Management Joint Stock Co boosted its holdings in shares of Devon Energy by 69.3% during the 1st quarter. PKO Investment Management Joint Stock Co now owns 23,461 shares of the energy company's stock valued at $1,181,000 after buying an additional 9,600 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Devon Energy by 20.8% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 193,052 shares of the energy company's stock valued at $9,714,000 after buying an additional 33,244 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% 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, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 in the last three months. Insiders own 4.58% of the company's stock.

Key Stories Impacting Devon Energy

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

• Neutral Sentiment: Devon announced the final results of its private exchange offers and consent solicitations for existing Coterra Energy notes, with settlement expected on or about June 25. The company said strong participation in several note series should help reshape its debt profile, which may support financial flexibility over time. Article link
• Neutral Sentiment: Investor commentary noted that Devon has been moving with the energy sector as crude oil prices fell to their lowest level since the start of recent Middle East tensions eased. Lower oil prices are a headwind for upstream producers like DVN because they can reduce expected cash flow and earnings. Article link
• Neutral Sentiment: Devon also participated in the J.P. Morgan Energy, Power & Renewables Conference, but the available information does not indicate any major new guidance or catalyst from that event. Article link
• Neutral Sentiment: Analyst tone remains generally constructive overall, with recent reports including an “Overweight” rating from Morgan Stanley and a median price target above the current trading range, which may help limit downside sentiment. Article link
• Negative Sentiment: Devon’s stock also reacted to a broader selloff in oil and gas names after crude prices weakened, a direct negative for DVN and other energy producers. Article link

Analysts Set New Price Targets

DVN has been the subject of several research reports. Wells Fargo & Company increased their price target on shares of Devon Energy from $66.00 to $68.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Piper Sandler boosted their price objective on shares of Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Capital One Financial cut their price objective on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, June 2nd. Sanford C. Bernstein raised their target price on shares of Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Finally, Scotiabank lifted their target price on shares of Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.96.

Devon Energy Stock Performance

Shares of DVN stock opened at $42.72 on Thursday. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71. The company's 50-day moving average is $46.10 and its 200 day moving average is $43.47. The company has a market capitalization of $26.54 billion, a price-to-earnings ratio of 11.90 and a beta of 0.37. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN - Get Free Report) last issued its 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 during 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 firm's quarterly revenue was down 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.82 earnings per share. Sell-side analysts expect that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. 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. Devon Energy's 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.