Rep. Jefferson Shreve Buys Devon Energy Co. (NYSE:DVN) Stock

Representative Jefferson Shreve (R-Indiana) recently bought shares of Devon Energy Co. (NYSE:DVN). In a filing disclosed on March 09th, the Representative disclosed that they had bought between $15,001 and $50,000 in Devon Energy stock on February 24th. The trade occurred in the Representative’s “CRT – STANDARD UNIT TRUST” account.

Representative Jefferson Shreve also recently made the following trade(s):

• Purchased $15,001 – $50,000 in shares of RTX (NYSE:RTX) on 2/24/2025.
• Purchased $15,001 – $50,000 in shares of Royal Gold (NASDAQ:RGLD) on 2/24/2025.
• Purchased $15,001 – $50,000 in shares of QUALCOMM (NASDAQ:QCOM) on 2/24/2025.
• Purchased $15,001 – $50,000 in shares of Pfizer (NYSE:PFE) on 2/24/2025.
• Sold $15,001 – $50,000 in shares of Norfolk Southern (NYSE:NSC) on 2/24/2025.
• Purchased $15,001 – $50,000 in shares of CoStar Group (NASDAQ:CSGP) on 2/24/2025.
• Purchased $50,001 – $100,000 in shares of AbbVie (NYSE:ABBV) on 2/24/2025.
• Purchased $15,001 – $50,000 in shares of Johnson & Johnson (NYSE:JNJ) on 2/24/2025.
• Purchased $15,001 – $50,000 in shares of The Cigna Group (NYSE:CI) on 2/24/2025.
• Purchased $15,001 – $50,000 in shares of Adobe (NASDAQ:ADBE) on 2/24/2025.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $34.18 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $35.29 and a 200 day simple moving average of $37.57. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The firm has a market capitalization of $22.18 billion, a price-to-earnings ratio of 7.49, a PEG ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Sell-side analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.81%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio is currently 21.05%.

Institutional Investors Weigh In On Devon Energy

Large investors have recently made changes to their positions in the stock. Legacy Investment Solutions LLC acquired a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy during the 3rd quarter valued at $9,426,000. Petrus Trust Company LTA lifted its holdings in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. lifted its holdings in Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after purchasing an additional 198,193 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Raymond James lowered their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday. Cowen cut Devon Energy to a “hold” rating and decreased their price target for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Susquehanna raised their price target on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday, February 20th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Mizuho decreased their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

About Representative Shreve

Jefferson Shreve (Republican Party) is a member of the U.S. House, representing Indiana’s 6th Congressional District. He assumed office on January 3, 2025. His current term ends on January 3, 2027.

Shreve (Republican Party) is running for re-election to the U.S. House to represent Indiana’s 6th Congressional District. He declared candidacy for the 2026 election.

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Jefferson Shreve earned a bachelor’s degree from Indiana University in 1989, a graduate degree from the University of London in 1998, and a graduate degree from Purdue University in 2003. Shreve’s career experience includes working as a real estate executive.

Shreve was elected 7th District Vice Chairman of the Indiana Republican State Committee on January 17, 2018, and was re-elected on March 6, 2021. In 2020, he was selected as a district-level delegate to the 2020 Republican National Convention.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.