Guinness Asset Management LTD Has $7.53 Million Holdings in Devon Energy Corporation $DVN

Guinness Asset Management LTD raised its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 27.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 208,143 shares of the energy company’s stock after buying an additional 45,301 shares during the quarter. Guinness Asset Management LTD’s holdings in Devon Energy were worth $7,531,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Accredited Wealth Management LLC lifted its holdings in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the last quarter. Ameriflex Group Inc. lifted its holdings in shares of Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after buying an additional 702 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Devon Energy during the third quarter worth approximately $31,000. Olistico Wealth LLC acquired a new position in shares of Devon Energy during the fourth quarter worth approximately $31,000. Finally, Elyxium Wealth LLC acquired a new position in shares of Devon Energy during the fourth quarter worth approximately $31,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

More Devon Energy News

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

• Positive Sentiment: Devon announced a major $2.6 billion acquisition of 16,300 net undeveloped acres in the core Delaware Basin, adding about 400 drilling locations and extending its long-term inventory. The company says the acreage has favorable economics, strong productivity, and will be funded with cash while keeping its credit profile intact. Article Title
• Positive Sentiment: Morgan Stanley raised its price target on DVN to $66 from $59 and kept an overweight rating, signaling Wall Street sees upside from current levels.
• Positive Sentiment: Devon also said it completed merger-related integration steps with Coterra and launched note exchange offers, which may help simplify and manage the combined capital structure after the deal. Article Title
• Neutral Sentiment: Zacks users have been heavily searching for Devon Energy, which mainly reflects elevated investor attention rather than a direct fundamental change. Article Title
• Neutral Sentiment: Zacks Research mostly kept a Strong Buy view, but cut several near- and medium-term EPS estimates for Devon, which could modestly temper sentiment around future earnings.
• Negative Sentiment: Devon’s recent exchange offers require eligible Coterra noteholders to accept slightly less than full principal value in the new notes and cash package, which is a mild negative for those holders even if it helps Devon manage debt after the merger.

Devon Energy Stock Performance

Devon Energy stock opened at $47.29 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The stock has a fifty day moving average price of $48.14 and a two-hundred day moving average price of $41.94. Devon Energy Corporation has a 52-week low of $30.24 and a 52-week high of $52.71. The firm has a market capitalization of $29.38 billion, a P/E ratio of 13.17 and a beta of 0.43.

Devon Energy (NYSE:DVN) last released its quarterly earnings data 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). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the company earned $0.82 earnings per share. The business’s revenue was down 14.5% compared to the same quarter last year. As a group, analysts anticipate that Devon Energy Corporation will post 5.21 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio is currently 26.74%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on DVN shares. Evercore started coverage on Devon Energy in a research note on Friday, May 15th. They issued an “in-line” rating and a $54.00 target price for the company. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Piper Sandler upped their target price on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Citigroup upped their target price on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, TD Cowen upped their target price on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday, March 17th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $57.30.

Insider Buying and Selling at Devon Energy

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 transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the 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 transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.71% of the company’s stock.

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.