Waycross Partners LLC Acquires New Holdings in Devon Energy Corporation $DVN

Key Points

• Waycross Partners acquired 34,742 Devon Energy shares in the third quarter, worth approximately $1.6 million. Institutional investors collectively own about 69.7% of the company’s stock.
• Devon reported quarterly EPS of $1.42, beating the $1.33 consensus estimate; revenue was $6.86 billion, up 66.5% year over year.
• The company declared a quarterly dividend of $0.32 per share, equivalent to an annualized yield of about 3.0% at the article’s cited share price.

Waycross Partners LLC acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 34,742 shares of the energy company's stock, valued at approximately $1,600,000.

A number of other hedge funds also recently made changes to their positions in DVN. Sigma Planning Corp grew its holdings in Devon Energy by 3.5% during the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company's stock valued at $285,000 after purchasing an additional 233 shares in the last quarter. Retirement Planning Group LLC lifted its holdings in Devon Energy by 4.5% in the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock worth $233,000 after buying an additional 243 shares in the last quarter. JFS Wealth Advisors LLC boosted its position in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after buying an additional 245 shares during the last quarter. Physician Wealth Advisors Inc. boosted its position in Devon Energy by 32.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,062 shares of the energy company's stock valued at $49,000 after buying an additional 260 shares during the last quarter. Finally, Titleist Asset Management LLC boosted its position in Devon Energy by 5.7% in the 3rd quarter. Titleist Asset Management LLC now owns 5,556 shares of the energy company's stock valued at $256,000 after buying an additional 298 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.66 during trading on Friday, reaching $42.22. The stock had a trading volume of 19,155,887 shares, compared to its average volume of 8,706,947. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a market cap of $46.45 billion, a PE ratio of 10.56, a P/E/G ratio of 1.27 and a beta of 0.43. Devon Energy Corporation has a one year low of $32.49 and a one year high of $52.71. The firm's 50 day moving average price is $48.64 and its two-hundred day moving average price is $46.04.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.09. The firm had revenue of $6.86 billion for the quarter, compared to analysts' expectations of $6.57 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The firm's revenue for the quarter was up 66.5% on a year-over-year basis. During the same period last year, the business posted $1.04 earnings per share. On average, research analysts forecast that Devon Energy Corporation will post 5.49 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, December 15th. Devon Energy's dividend payout ratio is 30.40%.

Devon Energy News Roundup

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

• Positive Sentiment: Devon reported Q3 adjusted earnings of $1.42 per share, ahead of analyst expectations. Production benefited from the Coterra merger, and the company generated about $2 billion in free cash flow. Management also raised expected merger synergies and plans to accelerate share repurchases. Devon Energy Posts $2 Billion in Free Cash Flow as Buybacks Accelerate
• Positive Sentiment: Devon declared a quarterly dividend of $0.32 per share, payable December 30 to shareholders of record December 15. Devon Energy Reports Third-Quarter 2026 Results
• Neutral Sentiment: Unusually high call-option activity suggests some traders are positioning for potential gains, but options volume alone does not establish the direction of future shares.
• Neutral Sentiment: Barclays lowered its price target to $57 from $60 but kept an Overweight rating, leaving the analyst’s view positive while trimming its valuation outlook.
• Negative Sentiment: Despite the earnings beat and strong year-over-year growth, Q3 revenue missed some analyst estimates—an offset to the production and cash-flow positives. Devon Q3 Earnings Outpace Estimates on Higher Output, Revenues Miss
• Negative Sentiment: Activist investor TOMS Capital renewed calls for a strategic transaction, saying it was disappointed by Devon’s decision against an asset sale while expressing willingness to engage with interested acquirers. The pressure may add uncertainty around the company’s strategy and capital allocation. TCIM Issues Statement Regarding Devon Energy’s Strategic Review

Insiders Place Their Bets

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Clay Gaspar purchased 3,913 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. The disclosure for this purchase is available in the SEC filing. 4.58% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Seaport Research Partners assumed coverage on Devon Energy in a research report on Thursday, September 3rd. They set a "buy" rating and a $65.00 target price on the stock. BMO Capital Markets reissued an "outperform" rating and issued a $67.00 price target on shares of Devon Energy in a report on Tuesday, October 6th. Citigroup increased their price target on Devon Energy from $65.00 to $67.00 and gave the company a "buy" rating in a report on Monday, August 31st. Raymond James Financial raised their price objective on Devon Energy from $64.00 to $67.00 and gave the company a "strong-buy" rating in a research note on Monday, September 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Devon Energy from $60.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.61.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market.

Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins.

The company's portfolio has evolved through acquisitions and asset sales over its history.

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