Devon Energy Corporation $DVN Holdings Raised by Bernzott Capital Advisors

Bernzott Capital Advisors lifted its stake in Devon Energy Corporation (NYSE:DVN) by 18.6% in the first quarter, HoldingsChannel reports. The firm owned 122,210 shares of the energy company’s stock after purchasing an additional 19,189 shares during the period. Devon Energy accounts for 2.9% of Bernzott Capital Advisors’ holdings, making the stock its 19th biggest position. Bernzott Capital Advisors’ holdings in Devon Energy were worth $6,150,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the 4th quarter worth about $25,000. Ameriflex Group Inc. lifted its stake in Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after buying an additional 702 shares in the last quarter. MV Capital Management Inc. acquired a new position in shares of Devon Energy in the fourth quarter worth about $29,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Devon Energy in the fourth quarter worth about $29,000. Finally, Olistico Wealth LLC purchased a new position in shares of Devon Energy in the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on DVN shares. Weiss Ratings restated a “hold (c)” rating on shares of Devon Energy in a report on Thursday, June 11th. Raymond James Financial decreased their price objective on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating for the company in a research note on Monday, June 15th. Jefferies Financial Group lifted their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Argus boosted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Finally, Wolfe Research set a $67.00 target price on Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.56.

Key Devon Energy News

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

• Positive Sentiment: Devon completed a settlement tied to Coterra notes, exchanging Coterra Energy senior debt for new Devon-issued notes and cash. Investors may see the move as a liability-reshaping step that supports financial flexibility and could help the company after its large Coterra deal. Devon Energy (DVN) Could Be 31% Undervalued On Its Coterra Notes Exchange
• Neutral Sentiment: Truist lowered its price target on Devon Energy to $61 from $66 but kept a buy rating, while JPMorgan cut its target to $55 from $62 and maintained overweight. The cuts signal a softer near-term view, but both firms still see upside from current levels. Analyst price target changes
• Negative Sentiment: Kimmeridge Energy Management criticized Devon’s asset-sale efforts as too slow after the company’s Coterra transaction, suggesting investors remain concerned that monetization and portfolio optimization may be taking longer than expected. Kimmeridge sees Devon Energy’s asset sale effort after Coterra deal as too slow – Bloomberg
• Negative Sentiment: Kimmeridge also faulted the pace of Devon’s divestment program, reinforcing concerns that the company may face continued shareholder pressure to move faster on asset sales. Kimmeridge Faults Pace of Devon Energy’s Asset-Sale Efforts

Devon Energy Price Performance

DVN opened at $42.05 on Friday. The stock has a market cap of $26.13 billion, a price-to-earnings ratio of 11.71 and a beta of 0.38. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The stock has a fifty day moving average price of $45.01 and a 200 day moving average price of $43.83.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the company earned $0.82 earnings per share. The business’s revenue for the quarter was down 14.5% on a year-over-year basis. Analysts forecast that Devon Energy Corporation will post 4.81 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the 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 transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by corporate insiders.

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.