Devon Energy Corporation $DVN Stock Holdings Increased by CIBC Asset Management Inc

CIBC Asset Management Inc raised its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 53.8% during the 4th quarter, Holdings Channel reports. The fund owned 159,810 shares of the energy company’s stock after purchasing an additional 55,905 shares during the period. CIBC Asset Management Inc’s holdings in Devon Energy were worth $5,854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. raised 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 acquiring an additional 702 shares in the last quarter. Accredited Wealth Management LLC increased its position in shares of 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 during the period. Olistico Wealth LLC acquired a new position in shares of Devon Energy during the 4th quarter valued at $31,000. Elyxium Wealth LLC acquired a new position in shares of Devon Energy during the 4th quarter valued at $31,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Devon Energy during the 3rd quarter valued at $31,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $44.27 on Friday. 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 stock has a market capitalization of $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.37. The stock’s fifty day simple moving average is $47.61 and its 200 day simple moving average is $42.75. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analyst estimates 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 was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 earnings per share. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.41 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business 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. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 26.74%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. TD Cowen lifted their price target on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. 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 research report on Tuesday, June 2nd. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Susquehanna lifted their price target on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research report on Tuesday, April 21st. Finally, Wolfe Research lifted their price target on Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $57.89.

Key Stories Impacting Devon Energy

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

• Positive Sentiment: Wells Fargo initiated/ reiterated a Buy rating on Devon Energy, adding to the recent stream of analyst support that can help offset near-term weakness. Wells Fargo Releases a Buy Rating on Devon Energy (DVN)
• Positive Sentiment: Roth MKM also rated Devon Energy Buy, reinforcing the view that analysts still see upside in the stock. Devon Energy (DVN) Gets a Buy from Roth MKM
• Neutral Sentiment: Devon Energy filed a prospectus supplement to register up to 175,000 shares tied to a Coterra merger conversion; this is a routine securities filing, though investors may be watching it for any dilution or transaction-related implications. Devon Energy Registers Shares Tied to Coterra Merger Conversion
• Neutral Sentiment: Several articles noted Devon has been drawing attention because of broader energy-sector valuation trends and Marcellus asset speculation, but these pieces do not point to a specific new catalyst. Why Is Devon Energy Corporation (NYSE:DVN) Drawing Attention Amid Marcellus Asset Speculation?
• Negative Sentiment: Coverage noting Devon Energy is still down since its last earnings report suggests investors remain focused on the company’s softer post-earnings performance and subdued follow-through. Why Is Devon Energy (DVN) Down 0.9% Since Last Earnings Report?

Insiders Place Their Bets

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy 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 transaction, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction 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 transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

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.