ING Groep NV Purchases 103,004 Shares of Devon Energy Corporation $DVN

ING Groep NV raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 125.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,069 shares of the energy company’s stock after acquiring an additional 103,004 shares during the period. ING Groep NV’s holdings in Devon Energy were worth $6,779,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Accredited Wealth Management LLC boosted its holdings in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after acquiring an additional 308 shares during the period. Ameriflex Group Inc. boosted its holdings 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 acquiring an additional 702 shares during the period. Neo Ivy Capital Management bought a new stake in Devon Energy during the third quarter valued at about $31,000. Olistico Wealth LLC bought a new stake in Devon Energy during the fourth quarter valued at about $31,000. Finally, Elyxium Wealth LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at about $31,000. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Mizuho increased their target price on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Royal Bank Of Canada increased their target price on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Finally, Capital One Financial reduced their target price on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.67.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: J.P. Morgan reinstated coverage on Devon Energy with an Overweight rating and a $62 price target, signaling analyst confidence in the stock’s upside potential. Devon Energy moved to Overweight at J.P. Morgan on ‘core of the core’ acreage
• Positive Sentiment: Devon’s exchange offers for Coterra notes saw strong early tender participation, which may support the company’s restructuring and debt-management efforts. Devon Announces Results of Early Participation in Private Exchange Offers and Consent Solicitations and Extension of Deadline to Receive Total Exchange Consideration
• Positive Sentiment: Investor discussion has turned optimistic around Devon’s capital-return strategy, including its share repurchase program and higher dividend after the Coterra merger. Devon Energy Reshapes Portfolio And Capital Returns After Coterra Merger
• Neutral Sentiment: Energy stocks were broadly firmer in premarket trading, providing a supportive sector backdrop for Devon Energy. Sector Update: Energy Stocks Advance Premarket Monday
• Neutral Sentiment: One insider sale was disclosed in recent months, but this appears secondary to the larger analyst and corporate-action catalysts. Devon Energy Stock (DVN) Opinions on Analyst Coverage Reinstatement

Devon Energy Stock Up 1.9%

Shares of DVN opened at $45.11 on Tuesday. The stock has a market cap of $28.03 billion, a price-to-earnings ratio of 12.56 and a beta of 0.38. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71. The company has a 50-day moving average price of $47.48 and a two-hundred day moving average price of $42.87.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion for 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 firm’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 EPS. Equities analysts predict that Devon Energy Corporation will post 4.41 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared 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 a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio is 26.74%.

Insider Transactions at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction 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. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is owned by company insiders.

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.