TrueMark Investments LLC Buys Shares of 109,973 Devon Energy Corporation $DVN

TrueMark Investments LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 109,973 shares of the energy company’s stock, valued at approximately $5,534,000.

A number of other large investors have also recently made changes to their positions in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC boosted its holdings in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares during the last quarter. Ameriflex Group Inc. grew its position in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $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 approximately $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new stake in Devon Energy in the 4th quarter worth approximately $29,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy News Summary

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

Wall Street Analysts Forecast Growth

DVN has been the topic of several research analyst reports. Capital One Financial lowered their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Citigroup lifted their price objective on Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Roth Mkm reissued a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada boosted their price target on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.96.

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction 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 owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 112,371 shares of company stock valued at $5,258,059. Company insiders own 4.58% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.72 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The company has a market capitalization of $26.54 billion, a P/E ratio of 11.90 and a beta of 0.37. The firm’s 50 day simple moving average is $46.10 and its two-hundred day simple moving average is $43.47.

Devon Energy (NYSE:DVN) 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 firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.82 earnings per share. Research analysts expect that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 3.0%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 35.65%.

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.