SSgA Funds Management, Inc. recently announced the acquisition of new stake in Devon Energy Corp. (NYSE:DVN). The institutional investor has increased its shareholding in the Energy company by 1.24% to 42.16 million shares with purchase of 0.52 million shares. This fresh investment now brings its stake to 6.58% valued currently at $1.91 billion. In addition, Geode Capital Management LLC raised its holdings by 0.3 million to 14.53 million shares. And Victory Capital Management, Inc. has lifted its position by 5.11% or 0.41 million shares – to 8.47 million shares.
Currently, there are 653.00M common shares owned by the public and among those 636.73M shares have been available to trade.
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Insiders at the company have transacted a total of 71 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 522,265 shares. Insider sales of the common stock occurred on 44 occasions, with total insider shares sold totaling 621,101 shares.
The top 3 mutual fund holders in Devon Energy Corp. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and SPDR Series – Energy Select Secto. Vanguard Total Stock Market ETF owns 20.08 million shares of the company’s stock, all valued at over $909.68 million. The company bought an additional 16391.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard 500 Index Fund bought 30535.0 shares to see its total holdings expand to 15.64 million shares valued at over $708.65 million and representing 2.44% of the shares outstanding. SPDR Series – Energy Select Secto bought 61710.0 shares to bring its total holdings to over 15.56 million shares at a value of $704.72 million. SPDR Series – Energy Select Secto now owns shares totaling to 2.43% of the shares outstanding.
The company’s stock has a 5-day price change of -3.72% and -15.29% over the past three months. DVN shares are trading -9.09% year to date (YTD), with the 12-month market performance down to -32.91% lower. It has a 12-month low price of $40.51 and touched a high of $64.14 over the same period. DVN has an average intraday trading volume of 9.00 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.53%, -7.23%, and -13.51% respectively.
Institutional ownership of Devon Energy Corp. (NYSE: DVN) shares accounts for 71.07% of the company’s 653.00M shares outstanding. Mutual fund holders own 37.71%, while other institutional holders and individual stakeholders account for 8.24% and 33.53% respectively.
It has a market capitalization of $26.38B and a beta (3y monthly) value of 2.22. The stock’s trailing 12-month PE ratio is 7.04, while the earnings-per-share (ttm) stands at $5.85. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.03% over the week and 2.17% over the month.
Analysts forecast that Devon Energy Corp. (DVN) will achieve an EPS of $1.4 for the current quarter, $1.29 for the next quarter and $5.72 for 2024. The lowest estimate earnings-per-share for the quarter is $1.19 while analysts give the company a high EPS estimate of $1.61. Comparatively, EPS for the current quarter was $1.66 a year ago. Earnings per share for the fiscal year are expected to decrease by -31.84%, and -2.61% over the next financial year. EPS should shrink at an annualized rate of -2.94% over the next five years, compared to 39.91% over the past 5-year period.
Looking at the support for the DVN, a number of firms have released research notes about the stock. Morgan Stanley stated their Overweight rating for the stock in a research note on December 11, 2023, with the firm’s price target at $48-$52.
