Rakuten Investment Management Inc. raised its stake in Devon Energy Corporation (NYSE:DVN – Free Report) by 7.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 199,035 shares of the energy company’s stock after purchasing an additional 13,695 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Devon Energy were worth $9,275,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently modified their holdings of the company. Financial Management Professionals Inc. boosted its position in shares of Devon Energy by 119.0% during the third quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company’s stock valued at $27,000 after buying an additional 313 shares during the last quarter. Premier Financial Group purchased a new stake in Devon Energy in the 2nd quarter valued at $25,000. JFS Wealth Advisors LLC raised its position in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after buying an additional 245 shares during the last quarter. Parvin Asset Management LLC purchased a new stake in Devon Energy in the 2nd quarter valued at $28,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy during the 2nd quarter valued at $29,000. Institutional investors own 69.72% of the company’s stock.
Insiders Place Their Bets
In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Clay M. Gaspar bought 3,913 shares of the stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the purchase, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 4.58% of the stock is owned by corporate insiders.
Key Stories Impacting Devon Energy
Here are the key news stories impacting Devon Energy this week:
- Positive Sentiment: Devon earned $1.42 per share, above several analysts’ estimates and up from $1.04 a year earlier. The company reported $6.86 billion in revenue, with year-over-year growth also noted. Reuters report on Devon’s Q3 results
- Neutral Sentiment: Devon published its fourth-quarter outlook and an initial view of 2027 alongside the results, but the supplied report does not provide the guidance figures investors will use to assess the outlook. Devon’s Q3 results announcement
- Negative Sentiment: Revenue expectations were mixed across reports: some cited a beat, while another reported sales below consensus, despite revenue of $6.86 billion and strong year-over-year growth. That discrepancy may have tempered the reaction to the earnings beat. Report on Devon’s Q3 sales expectations
Devon Energy Stock Performance
DVN stock opened at $42.85 on Friday. The firm has a market cap of $47.13 billion, a PE ratio of 10.18, a P/E/G ratio of 1.15 and a beta of 0.43. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The business has a 50 day moving average of $48.74 and a 200-day moving average of $46.01. Devon Energy Corporation has a 12-month low of $32.06 and a 12-month high of $52.71.
Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.09. The business had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.57 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. Devon Energy’s quarterly revenue was up 66.5% compared to the same quarter last year. During the same period last year, the company posted $1.04 earnings per share. As a group, sell-side analysts expect that Devon Energy Corporation will post 5.49 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on DVN. Wells Fargo & Company cut their price objective on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday, September 28th. Weiss Ratings upgraded shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Truist Financial lowered their target price on shares of Devon Energy from $65.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. UBS Group increased their target price on shares of Devon Energy from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 7th. Finally, Morgan Stanley raised their price target on shares of Devon Energy from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $60.72.
Check Out Our Latest Stock Report on DVN
About Devon Energy
Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.
Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.
Featured Articles
- Five stocks we like better than Devon Energy
- Google’s Credit Backstop May Be TeraWulf’s Biggest Advantage
- Could the Midterms Revive Medicare for All? 3 Healthcare Stocks to Watch
- Qualcomm Beat Earnings, But Its Fastest-Growing Businesses Have a Catch
- Oil, Uranium, or Renewables? 3 Energy Plays for a Changing Market
Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN – Free Report).
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.
