Devon Energy (DVN)
Market Price (8/21/2026): $48.93 | Market Cap: $45.8 BilInvestor Relations Sector: Energy | Industry: Oil & Gas Exploration & Production
Devon Energy (DVN)
Market Price (8/21/2026): $48.93Market Cap: $45.8 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, CFO LTM is 8.6 Bil Stock buyback supportStock Buyback 3Y Total is 2.6 Bil Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies, and Unconventional Resource Development. | Trading close to highsDist 52W High is -4.6%, Dist 3Y High is -4.6% Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -61% | Key risksDVN key risks include [1] challenges in executing its business optimization and cost control plans, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, CFO LTM is 8.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.6 Bil |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies, and Unconventional Resource Development. |
| Trading close to highsDist 52W High is -4.6%, Dist 3Y High is -4.6% |
| Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -61% |
| Key risksDVN key risks include [1] challenges in executing its business optimization and cost control plans, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/17/2026
Devon Energy (DVN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Integration uncertainties and portfolio review following the Coterra merger contributed to negative market sentiment. Despite Devon Energy reporting strong operational execution and exceeding analyst estimates for Q2 2026 core earnings per diluted share at $1.57 (vs. $1.40 consensus) and revenue at $7.42 billion (vs. $6.01 billion consensus), the stock declined by 3% following the August 4, 2026, earnings release. Investors appeared to focus on ongoing integration uncertainties related to the Coterra merger, which closed on May 7, 2026, and a comprehensive portfolio review, rather than the positive quarterly results. Additionally, the company tightened its 2026 oil-production outlook to 495,000–505,000 barrels per day.
2. A weakening outlook for crude oil prices applied downward pressure on the stock. The period since April 30, 2026, saw a general decline in crude oil prices. WTI NYMEX prices averaged over $102 per barrel in May 2026 before falling to averages of approximately $85 per barrel in June and $80 per barrel in July 2026. Furthermore, J.P. Morgan Global Research revised its Brent crude forecast, predicting an average of $86 per barrel for fiscal Q3 2026, $80 for fiscal Q4 2026, and $78 by year-end, a notable reduction from previous projections. The U.S. Energy Information Administration (EIA) also forecast Brent crude to average around $85 per barrel in fiscal Q3 2026, gradually falling to $69 per barrel in 2027. The International Energy Agency (IEA) projected a decline in global oil demand by 1.6 million barrels per day in 2026, partly due to the ongoing closure of the Strait of Hormuz and elevated fuel prices.
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Devon Energy (DVN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Integration uncertainties and portfolio review following the Coterra merger contributed to negative market sentiment. Despite Devon Energy reporting strong operational execution and exceeding analyst estimates for Q2 2026 core earnings per diluted share at $1.57 (vs. $1.40 consensus) and revenue at $7.42 billion (vs. $6.01 billion consensus), the stock declined by 3% following the August 4, 2026, earnings release. Investors appeared to focus on ongoing integration uncertainties related to the Coterra merger, which closed on May 7, 2026, and a comprehensive portfolio review, rather than the positive quarterly results. Additionally, the company tightened its 2026 oil-production outlook to 495,000–505,000 barrels per day.
2. A weakening outlook for crude oil prices applied downward pressure on the stock. The period since April 30, 2026, saw a general decline in crude oil prices. WTI NYMEX prices averaged over $102 per barrel in May 2026 before falling to averages of approximately $85 per barrel in June and $80 per barrel in July 2026. Furthermore, J.P. Morgan Global Research revised its Brent crude forecast, predicting an average of $86 per barrel for fiscal Q3 2026, $80 for fiscal Q4 2026, and $78 by year-end, a notable reduction from previous projections. The U.S. Energy Information Administration (EIA) also forecast Brent crude to average around $85 per barrel in fiscal Q3 2026, gradually falling to $69 per barrel in 2027. The International Energy Agency (IEA) projected a decline in global oil demand by 1.6 million barrels per day in 2026, partly due to the ongoing closure of the Strait of Hormuz and elevated fuel prices.
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Updated on 8/17/2026
Devon Energy (DVN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Integration uncertainties and portfolio review following the Coterra merger contributed to negative market sentiment. Despite Devon Energy reporting strong operational execution and exceeding analyst estimates for Q2 2026 core earnings per diluted share at $1.57 (vs. $1.40 consensus) and revenue at $7.42 billion (vs. $6.01 billion consensus), the stock declined by 3% following the August 4, 2026, earnings release. Investors appeared to focus on ongoing integration uncertainties related to the Coterra merger, which closed on May 7, 2026, and a comprehensive portfolio review, rather than the positive quarterly results. Additionally, the company tightened its 2026 oil-production outlook to 495,000–505,000 barrels per day.
2. A weakening outlook for crude oil prices applied downward pressure on the stock. The period since April 30, 2026, saw a general decline in crude oil prices. WTI NYMEX prices averaged over $102 per barrel in May 2026 before falling to averages of approximately $85 per barrel in June and $80 per barrel in July 2026. Furthermore, J.P. Morgan Global Research revised its Brent crude forecast, predicting an average of $86 per barrel for fiscal Q3 2026, $80 for fiscal Q4 2026, and $78 by year-end, a notable reduction from previous projections. The U.S. Energy Information Administration (EIA) also forecast Brent crude to average around $85 per barrel in fiscal Q3 2026, gradually falling to $69 per barrel in 2027. The International Energy Agency (IEA) projected a decline in global oil demand by 1.6 million barrels per day in 2026, partly due to the ongoing closure of the Strait of Hormuz and elevated fuel prices.
3. A significant insider sale exceeding $5 million may have signaled a lack of confidence. On June 24, 2026, WaterBridge Infrastructure LLC, identified as a 10% owner of Devon Energy, executed a substantial sale of 1,755,174 shares, totaling approximately $52,742,979. Such a large divestment by a major stakeholder can often be interpreted by the market as a bearish signal, potentially indicating concerns about the company's future performance or valuation by those with intimate knowledge of the firm.
4. Analyst price target reductions and persistent valuation concerns contributed to the stock's decline. During the specified period, several financial firms adjusted their outlook for Devon Energy. JPMorgan Chase & Co. lowered its price target from $62.00 to $55.00 on July 8, 2026, while Raymond James Financial reduced its target from $66.00 to $64.00 on July 16, 2026, and UBS Group decreased its target from $58.00 to $54.00 on July 15, 2026. Concurrently, as of August 17, 2026, Devon Energy's stock was considered overvalued, trading 6.1% above its GF Value™ estimate of $44.82. The company's trailing twelve-month price-to-earnings (P/E) ratio of 11.3x was also significantly higher than its 5-year median P/E of 7.9x, suggesting it was trading at a premium compared to its historical valuation.
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Devon Energy (DVN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Integration uncertainties and portfolio review following the Coterra merger contributed to negative market sentiment. Despite Devon Energy reporting strong operational execution and exceeding analyst estimates for Q2 2026 core earnings per diluted share at $1.57 (vs. $1.40 consensus) and revenue at $7.42 billion (vs. $6.01 billion consensus), the stock declined by 3% following the August 4, 2026, earnings release. Investors appeared to focus on ongoing integration uncertainties related to the Coterra merger, which closed on May 7, 2026, and a comprehensive portfolio review, rather than the positive quarterly results. Additionally, the company tightened its 2026 oil-production outlook to 495,000–505,000 barrels per day.
2. A weakening outlook for crude oil prices applied downward pressure on the stock. The period since April 30, 2026, saw a general decline in crude oil prices. WTI NYMEX prices averaged over $102 per barrel in May 2026 before falling to averages of approximately $85 per barrel in June and $80 per barrel in July 2026. Furthermore, J.P. Morgan Global Research revised its Brent crude forecast, predicting an average of $86 per barrel for fiscal Q3 2026, $80 for fiscal Q4 2026, and $78 by year-end, a notable reduction from previous projections. The U.S. Energy Information Administration (EIA) also forecast Brent crude to average around $85 per barrel in fiscal Q3 2026, gradually falling to $69 per barrel in 2027. The International Energy Agency (IEA) projected a decline in global oil demand by 1.6 million barrels per day in 2026, partly due to the ongoing closure of the Strait of Hormuz and elevated fuel prices.
3. A significant insider sale exceeding $5 million may have signaled a lack of confidence. On June 24, 2026, WaterBridge Infrastructure LLC, identified as a 10% owner of Devon Energy, executed a substantial sale of 1,755,174 shares, totaling approximately $52,742,979. Such a large divestment by a major stakeholder can often be interpreted by the market as a bearish signal, potentially indicating concerns about the company's future performance or valuation by those with intimate knowledge of the firm.
4. Analyst price target reductions and persistent valuation concerns contributed to the stock's decline. During the specified period, several financial firms adjusted their outlook for Devon Energy. JPMorgan Chase & Co. lowered its price target from $62.00 to $55.00 on July 8, 2026, while Raymond James Financial reduced its target from $66.00 to $64.00 on July 16, 2026, and UBS Group decreased its target from $58.00 to $54.00 on July 15, 2026. Concurrently, as of August 17, 2026, Devon Energy's stock was considered overvalued, trading 6.1% above its GF Value™ estimate of $44.82. The company's trailing twelve-month price-to-earnings (P/E) ratio of 11.3x was also significantly higher than its 5-year median P/E of 7.9x, suggesting it was trading at a premium compared to its historical valuation.
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Stock Movement Drivers
Fundamental Drivers
The -3.3% change in DVN stock from 4/30/2026 to 8/20/2026 was primarily driven by a -33.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.01 | 49.30 | -3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,188 | 19,676 | 14.5% |
| Net Income Margin (%) | 15.4% | 16.7% | 8.5% |
| P/E Multiple | 12.0 | 14.1 | 17.7% |
| Shares Outstanding (Mil) | 620 | 937 | -33.8% |
| Cumulative Contribution | -3.3% |
Market Drivers
4/30/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DVN | -3.3% | |
| Market (SPY) | 6.1% | -38.6% |
| Sector (XLE) | 6.9% | 87.1% |
Fundamental Drivers
The 24.1% change in DVN stock from 1/31/2026 to 8/20/2026 was primarily driven by a 53.5% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.72 | 49.30 | 24.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,470 | 19,676 | 12.6% |
| Net Income Margin (%) | 15.6% | 16.7% | 7.1% |
| P/E Multiple | 9.2 | 14.1 | 53.5% |
| Shares Outstanding (Mil) | 628 | 937 | -33.0% |
| Cumulative Contribution | 24.1% |
Market Drivers
1/31/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DVN | 24.1% | |
| Market (SPY) | 10.5% | -36.4% |
| Sector (XLE) | 25.7% | 86.5% |
Fundamental Drivers
The 52.3% change in DVN stock from 7/31/2025 to 8/20/2026 was primarily driven by a 88.7% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.38 | 49.30 | 52.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,796 | 19,676 | 17.1% |
| Net Income Margin (%) | 16.6% | 16.7% | 0.4% |
| P/E Multiple | 7.5 | 14.1 | 88.7% |
| Shares Outstanding (Mil) | 643 | 937 | -31.4% |
| Cumulative Contribution | 52.3% |
Market Drivers
7/31/2025 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DVN | 52.3% | |
| Market (SPY) | 21.7% | -16.7% |
| Sector (XLE) | 49.7% | 83.5% |
Fundamental Drivers
The 1.0% change in DVN stock from 7/31/2023 to 8/20/2026 was primarily driven by a 169.5% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.79 | 49.30 | 1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,180 | 19,676 | 2.6% |
| Net Income Margin (%) | 31.4% | 16.7% | -46.9% |
| P/E Multiple | 5.2 | 14.1 | 169.5% |
| Shares Outstanding (Mil) | 645 | 937 | -31.2% |
| Cumulative Contribution | 1.0% |
Market Drivers
7/31/2023 to 8/20/2026| Return | Correlation | |
|---|---|---|
| DVN | 1.0% | |
| Market (SPY) | 72.5% | 31.3% |
| Sector (XLE) | 59.3% | 86.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DVN Return | 196% | 51% | -22% | -25% | 15% | 33% | 300% |
| Peers Return | 73% | 57% | -5% | 1% | -10% | 41% | 232% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| DVN Win Rate | 92% | 58% | 42% | 25% | 58% | 75% | |
| Peers Win Rate | 69% | 65% | 48% | 47% | 53% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DVN Max Drawdown | -20% | -34% | -32% | -43% | -30% | -22% | |
| Peers Max Drawdown | -22% | -34% | -28% | -25% | -32% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EOG, OKE, APA, EPM, COP. See DVN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/20/2026 (YTD)
How Low Can It Go
| Event | DVN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.2% | -18.8% |
| % Gain to Breakeven | 39.2% | 23.1% |
| Time to Breakeven | 171 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.0% | -9.5% |
| % Gain to Breakeven | 23.4% | 10.5% |
| Time to Breakeven | 180 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.9% | -33.7% |
| % Gain to Breakeven | 315.5% | 50.9% |
| Time to Breakeven | 336 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.2% | -19.2% |
| % Gain to Breakeven | 93.2% | 23.8% |
| Time to Breakeven | 1012 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.5% | -3.7% |
| % Gain to Breakeven | 37.9% | 3.9% |
| Time to Breakeven | 183 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -59.3% | -12.2% |
| % Gain to Breakeven | 145.7% | 13.9% |
| Time to Breakeven | 202 days | 62 days |
In The Past
Devon Energy's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.2% gain to breakeven.
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Asset Allocation
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| Event | DVN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.2% | -18.8% |
| % Gain to Breakeven | 39.2% | 23.1% |
| Time to Breakeven | 171 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.9% | -33.7% |
| % Gain to Breakeven | 315.5% | 50.9% |
| Time to Breakeven | 336 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.2% | -19.2% |
| % Gain to Breakeven | 93.2% | 23.8% |
| Time to Breakeven | 1012 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.5% | -3.7% |
| % Gain to Breakeven | 37.9% | 3.9% |
| Time to Breakeven | 183 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -59.3% | -12.2% |
| % Gain to Breakeven | 145.7% | 13.9% |
| Time to Breakeven | 202 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -71.0% | -6.8% |
| % Gain to Breakeven | 245.0% | 7.3% |
| Time to Breakeven | 2230 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.6% | -17.9% |
| % Gain to Breakeven | 57.7% | 21.8% |
| Time to Breakeven | 3866 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.9% | -53.4% |
| % Gain to Breakeven | 132.2% | 114.4% |
| Time to Breakeven | 693 days | 1085 days |
In The Past
Devon Energy's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Devon Energy (DVN)
Devon Energy Corporation is an independent energy company primarily engaged in the upstream sector of the oil and gas industry. This means it focuses on the exploration, development, and production of hydrocarbon resources. Essentially, Devon Energy finds, extracts, and brings to market crude oil, natural gas, and natural gas liquids from various wells predominantly across the United States.
The company's main products are these raw energy commodities: crude oil, which is processed into fuels like gasoline and jet fuel; natural gas, used for electricity generation, heating, and industrial purposes; and natural gas liquids (NGLs), which are valuable feedstocks for the petrochemical industry. Devon Energy extracts these resources from thousands of gross wells within the U.S.
Devon Energy's primary customers are typically large industrial consumers, such as oil refiners who purchase crude oil, utility companies and industrial plants that buy natural gas, and petrochemical manufacturers who utilize NGLs. Its market is primarily within the United States, supplying essential raw materials to the broader energy and manufacturing sectors.
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- Like a mining company, but they extract oil and natural gas instead of metals.
- Imagine the oil and gas drilling division of a major company like ExxonMobil or Chevron, but as its own independent business.
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- Oil: Crude oil extracted and sold.
- Natural Gas: Gaseous hydrocarbons extracted and sold.
- Natural Gas Liquids (NGLs): A group of hydrocarbons, such as ethane, propane, and butane, separated from natural gas and sold.
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Devon Energy (DVN) primarily sells its products to other companies, not individuals.
According to its public filings, Devon Energy sells its crude oil, natural gas, and natural gas liquids to a diverse range of purchasers. The company explicitly states that no single customer accounts for a material portion of its revenues. Therefore, no specific "major customers" that represent a significant concentration of revenue are individually disclosed.
However, its products are typically sold to the following types of companies within the energy value chain:
- Pipeline companies
- Natural gas processors
- Power plants
- Refineries
- Marketing companies
- Other industrial users
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- Schlumberger (SLB)
- Halliburton (HAL)
- Baker Hughes (BKR)
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Clay Gaspar - President and Chief Executive Officer
Clay Gaspar was appointed President and Chief Executive Officer of Devon Energy in March 2025. He previously served as Executive Vice President and Chief Operating Officer of Devon Energy since January 2021, a role he assumed following Devon's merger with WPX Energy. While at WPX Energy, he held the positions of President and Chief Operating Officer and was a member of their board of directors. His earlier career includes technical and leadership positions with Newfield Exploration, Anadarko Petroleum, and Mewbourne Oil.
Jeff Ritenour - Executive Vice President and Chief Financial Officer
Jeff Ritenour was appointed Executive Vice President and Chief Financial Officer of Devon Energy in April 2017. He joined Devon in 2001 and has held various leadership roles, including senior vice president of corporate finance, investor relations, treasury, and vice president of acquisitions and divestitures. Before joining Devon, Ritenour was a Senior Auditor with Ernst & Young in Dallas. He is a Certified Public Accountant. Ritenour also serves on the board of directors for WaterBridge Infrastructure LLC.
Dennis Cameron - Executive Vice President and General Counsel
Dennis Cameron serves as Devon Energy's Executive Vice President and General Counsel.
Tana K. Cashion - Executive Vice President, Human Resources and Administration
Tana K. Cashion is the Executive Vice President of Human Resources and Administration at Devon Energy. She was promoted to senior vice president of Human Resources in 2016.
Tom Hellman - Senior Vice President, E&P Operations
Tom Hellman joined Devon Energy in January 2025 as Senior Vice President, E&P Operations. He previously spent seven years at Marathon Oil Corporation, holding various leadership roles, including Vice President, Operations for Marathon's Permian and Oklahoma assets. His prior experience also includes leadership positions at WPX Energy, APA Corporation, and BP plc.
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Here are the key risks to Devon Energy's business:
- Commodity Price Volatility: As an independent energy company, Devon Energy's financial performance, including profitability and cash flow, is highly sensitive to the volatile prices of oil, natural gas, and natural gas liquids (NGLs). These prices are influenced by global supply and demand dynamics, geopolitical events, and broader economic conditions, making the company susceptible to market fluctuations.
- Regulatory and Environmental Challenges: Devon Energy operates within a dynamic regulatory landscape, particularly concerning environmental laws and climate-related policies. Changes in regulations, including those aimed at reducing greenhouse gas emissions, could lead to increased operational costs, restrictions on activities, and potential financial liabilities. The company also faces heightened scrutiny and reputational risks related to its sustainability initiatives.
- Operational Risks and High Capital Intensity: The exploration, development, and production of oil and natural gas are capital-intensive endeavors fraught with operational uncertainties. These risks include the challenges of discovering commercially viable reservoirs, the substantial costs associated with drilling and development, and the continuous need for new efforts due to the decline rates of unconventional assets. Additionally, environmental events can lead to operational disruptions and financial liabilities.
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The accelerating global transition to renewable energy sources and electric vehicles poses a clear emerging threat to fossil fuel demand, potentially diminishing the long-term value and market for Devon Energy's core oil, natural gas, and natural gas liquid products.
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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. The addressable markets for these main products in the U.S. are as follows:
Oil
- The U.S. crude oil production, including condensate, averaged 12.9 million barrels per day (b/d) in 2023. Monthly U.S. crude oil production reached a record high of over 13.3 million b/d in December 2023. As of March 2026, U.S. Crude Oil Field Production is approximately 13.68 million barrels per day.
Natural Gas
- U.S. marketed natural gas production reached a record average of 118.5 billion cubic feet per day (Bcf/d) in 2025. More recently, U.S. marketed natural gas production reached 122.54 billion cubic feet per day in December 2025.
- The U.S. natural gas market size is estimated at approximately $473.4 billion in 2025 and is projected to reach $601.8 billion by 2032.
Natural Gas Liquids (NGLs)
- U.S. production of natural gas liquids (NGLs) reached 7.32 million barrels per day (b/d) in March 2025.
- The U.S. natural gas-liquid market size was estimated at $5.9 billion in 2024 and is projected to grow from $6.22 billion in 2025 to $10.6 billion by 2035. Other estimates indicate the Natural Gas Liquids Market size in 2025 was $16.3 billion, with a projection to reach $29.4 billion by the end of 2035.
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Devon Energy (DVN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Increased Production from Core Assets: Devon Energy plans to grow its revenue by enhancing oil, natural gas, and natural gas liquids production from its high-quality asset portfolio. The company has a multi-decade growth opportunity in its core areas, particularly the Delaware Basin, STACK, and Williston Basin, with a focus on advancing development and multi-zone drilling to maximize resource recovery.
- Strategic Acquisitions and Portfolio Optimization: Strategic moves like the acquisition of Grayson Mill Energy's Williston Basin business in September 2024, which added significant net acres and drilling locations, are expected to bolster production capabilities. Additionally, the merger with Coterra Energy is anticipated to create synergies and enhance the company's overall asset base, potentially diversifying revenue streams and increasing scale.
- Capital Efficiency and Production Optimization: Devon Energy's multi-year Business Optimization Plan aims to achieve substantial annual pre-tax free cash flow improvements by year-end 2026. This plan focuses on capital efficiency, optimizing production, and pursuing commercial opportunities, which in turn enables more efficient resource development and contributes to higher production volumes and revenue.
- Technological Advancements for Operational Efficiency: The company is investing in and leveraging advanced technologies, such as AI-driven drilling optimization. These innovations are designed to improve operational efficiency, reduce drilling times, and enhance well productivity, directly supporting increased output and revenue generation.
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Share Repurchases
- Since the program's inception in late 2021, Devon Energy repurchased 38.5 million shares for a total cost of $2.0 billion as of May 8, 2023.
- The company's share-repurchase authorization was increased by 50 percent to $3.0 billion, extending through the end of 2024.
- Annual share buybacks were $1.057 billion in 2024 and $1.05 billion in 2025.
Share Issuance
- As part of the acquisition of Grayson Mill Energy in October 2024, Devon Energy issued $1.75 billion in stock.
- Devon Energy's shares outstanding saw a decline of 1.68% in 2023 from 2022, 1.25% in 2024 from 2023, and 0.16% in 2025 from 2024, indicating net repurchases rather than issuances in these periods, apart from specific acquisition-related issuances.
Outbound Investments
- In 2021, Devon Energy completed an $8.5 billion merger with WPX Energy.
- The company acquired Validus Energy for approximately $1.8 billion in cash in 2021 to expand its presence in the Eagle Ford shale area.
- In October 2024, Devon completed the acquisition of Grayson Mill Energy for $5 billion, consisting of $3.25 billion in cash and $1.75 billion in stock.
Capital Expenditures
- Devon Energy's capital expenditures for fiscal years ending December 2021 to 2025 averaged $4.489 billion.
- Capital expenditures peaked at $7.453 billion in 2024 and were $3.947 billion in 2023 and $3.914 billion in 2025.
- The company projects capital expenditures of $3.5 billion to $3.7 billion for 2026, which includes spending for production growth.
Peer Outperformance in Oil & Gas Exploration & Production
DVN has trailed 52% of its 50 Oil & Gas Exploration & Production peers over 5Y. Among the peers that beat it are CNQ and EOG. Oil & Gas Exploration & Production ranks 5th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Exploration & Production constituents that DVN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
66%
of 58 industry peers · 49.7% return
3Y
49%
of 55 industry peers · 8.8% return
5Y
48%
of 50 industry peers · 145.6% return
Oil & Gas Exploration & Production peers with revenue growth within 4pp of DVN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DVN | Devon Energy | 5.5% | 14.1x | 49.7% | 8.8% | 145.6% | — |
| CNQ | Canadian Natural Resources | 7.2% | 9.0x | 80.3% | 91.3% | 325.0% | +179pp |
| EOG | EOG Resources | 2.5% | 11.6x | 33.1% | 29.8% | 198.9% | +53pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Exploration & Production is DVN's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 107.7% | 107.7% | 378.7% | PBF 835% · MPC 631% · VLO 562% |
| Integrated Oil & Gas | 7 | 48.6% | 68.7% | 275.4% | IMO 527% · CVE 396% · SU 383% |
| Oil & Gas Storage & Transportation | 18 | 35.4% | 111.1% | 251.4% | INSW 903% · LPG 814% · TRGP 703% |
| Coal & Consumable Fuels | 14 | 35.9% | 58.7% | 189.8% | EU 948% · LEU 658% · CCJ 501% |
| Oil & Gas Exploration & Production ← | 51 | 28.8% | 10.2% | 148.4% | KGEI 10275% · OBE 7329% · EP 3083% |
| Oil & Gas Equipment & Services | 34 | 67.6% | 32.7% | 125.5% | FTI 1180% · TDW 838% · SEI 828% |
| Oil & Gas Drilling | 7 | 97.6% | 2.3% | 122.1% | VAL 269% · PDS 201% · NE 156% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 71.95 |
| Mkt Cap | 52.9 |
| Rev LTM | 23,156 |
| Op Inc LTM | 5,408 |
| FCF LTM | 2,504 |
| FCF 3Y Avg | 2,075 |
| CFO LTM | 7,355 |
| CFO 3Y Avg | 6,334 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.1% |
| Rev Chg 3Y Avg | 0.8% |
| Rev Chg Q | 44.8% |
| QoQ Delta Rev Chg LTM | 10.3% |
| Op Inc Chg LTM | 11.5% |
| Op Inc Chg 3Y Avg | -5.5% |
| Op Mgn LTM | 22.8% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 3.3% |
| CFO/Rev LTM | 39.0% |
| CFO/Rev 3Y Avg | 38.7% |
| FCF/Rev LTM | 11.7% |
| FCF/Rev 3Y Avg | 12.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 52.9 |
| P/S | 2.1 |
| P/Op Inc | 9.8 |
| P/EBIT | 9.0 |
| P/E | 12.9 |
| P/CFO | 5.7 |
| Total Yield | 10.7% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.9% |
| 3M Rtn | 7.5% |
| 6M Rtn | 17.2% |
| 12M Rtn | 41.0% |
| 3Y Rtn | 20.0% |
| 1M Excs Rtn | 5.9% |
| 3M Excs Rtn | 3.3% |
| 6M Excs Rtn | 5.8% |
| 12M Excs Rtn | 22.9% |
| 3Y Excs Rtn | -51.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Oil | 12,486 | 12,773 | 11,897 | 13,586 | 9,447 |
| Natural gas liquids (NGL) | 2,448 | 2,231 | 1,968 | 3,130 | 2,481 |
| Gas | 1,852 | 915 | 1,275 | 3,111 | 1,822 |
| Oil, gas and natural gas liquids (NGL) derivatives | 402 | 21 | 118 | -658 | -1,544 |
| Total | 17,188 | 15,940 | 15,258 | 19,169 | 12,206 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| United States | 14,600 | 32,147 | 29,317 | 24,256 | 22,622 |
| EnLink | 9,565 | 10,097 | |||
| Canada | 5,464 | 8,517 | 13,560 | 19,070 | 18,342 |
| Eliminations | -97 | -124 | |||
| Adjustments | 153 | ||||
| Total | 29,532 | 50,637 | 42,877 | 43,326 | 41,117 |
Price Behavior
Price Behavior
| Market Price | $49.30 | |
| Market Cap ($ Bil) | 30.4 | |
| First Trading Date | 03/17/1992 | |
| Distance from 52W High | -4.6% | |
| 50 Days | 200 Days | |
| DMA Price | $43.80 | $42.38 |
| DMA Trend | up | down |
| Distance from DMA | 12.5% | 16.3% |
| 3M | 1YR | |
| Volatility | 37.8% | 34.9% |
| Downside Capture | -138.79 | -111.38 |
| Upside Capture | -95.94 | -40.34 |
| Correlation (SPY) | -32.3% | -18.5% |
DVN Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.47 | -0.80 | -1.13 | -0.91 | -0.40 | 0.73 |
| Up Beta | 1.03 | -1.22 | -1.87 | -1.50 | -0.82 | 0.90 |
| Down Beta | -2.08 | -0.17 | -0.69 | 0.04 | 0.38 | 1.36 |
| Up Capture | -121% | -76% | -99% | -50% | -16% | 6% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 18 | 29 | 65 | 132 | 377 |
| Down Capture | -302% | -109% | -106% | -195% | -154% | 57% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 25 | 34 | 60 | 119 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DVN | |
|---|---|---|---|---|
| DVN | 50.9% | 34.8% | 1.23 | - |
| Sector ETF (XLE) | 53.7% | 21.7% | 1.89 | 83.6% |
| Equity (SPY) | 20.3% | 12.9% | 1.16 | -19.2% |
| Gold (GLD) | 36.2% | 28.7% | 1.07 | -10.2% |
| Commodities (DBC) | 44.1% | 20.2% | 1.69 | 55.8% |
| Real Estate (VNQ) | 13.3% | 13.8% | 0.66 | -4.2% |
| Bitcoin (BTCUSD) | -38.8% | 43.2% | -1.01 | 0.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DVN | |
|---|---|---|---|---|
| DVN | 17.3% | 40.7% | 0.50 | - |
| Sector ETF (XLE) | 24.9% | 25.8% | 0.85 | 87.6% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 37.5% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 7.4% |
| Commodities (DBC) | 10.2% | 19.6% | 0.40 | 59.7% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 27.7% |
| Bitcoin (BTCUSD) | 9.3% | 52.7% | 0.36 | 16.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DVN | |
|---|---|---|---|---|
| DVN | 6.0% | 49.4% | 0.31 | - |
| Sector ETF (XLE) | 10.9% | 29.6% | 0.40 | 86.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.1% |
| Gold (GLD) | 12.4% | 16.2% | 0.63 | 3.2% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 58.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 35.7% |
| Bitcoin (BTCUSD) | 61.0% | 66.1% | 1.01 | 13.2% |
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Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -4.4% | 3.1% | |
| 5/5/2026 | -8.6% | -8.3% | -9.8% |
| 2/17/2026 | 0.9% | -1.7% | 9.9% |
| 11/5/2025 | 0.3% | 8.9% | 16.2% |
| 8/5/2025 | 0.4% | 3.1% | 10.1% |
| 5/6/2025 | -1.0% | 12.1% | 2.7% |
| 2/18/2025 | 7.7% | 2.9% | 4.1% |
| 11/5/2024 | 1.7% | -2.5% | -8.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 17 | 14 |
| # Negative | 14 | 8 | 10 |
| Median Positive | 4.7% | 4.8% | 11.4% |
| Median Negative | -3.5% | -6.5% | -4.8% |
| Max Positive | 10.2% | 18.9% | 65.6% |
| Max Negative | -12.8% | -16.2% | -26.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -4.4% | 3.1% | |
| 5/5/2026 | -8.6% | -8.3% | -9.8% |
| 2/17/2026 | 0.9% | -1.7% | 9.9% |
| 11/5/2025 | 0.3% | 8.9% | 16.2% |
| 8/5/2025 | 0.4% | 3.1% | 10.1% |
| 5/6/2025 | -1.0% | 12.1% | 2.7% |
| 2/18/2025 | 7.7% | 2.9% | 4.1% |
| 11/5/2024 | 1.7% | -2.5% | -8.6% |
| 8/6/2024 | 2.8% | 6.3% | 0.2% |
| 5/1/2024 | -0.1% | 0.3% | -2.6% |
| 2/27/2024 | -0.7% | 1.7% | 12.6% |
| 11/7/2023 | -2.5% | 1.0% | -4.0% |
| 8/1/2023 | -7.3% | -5.4% | -5.6% |
| 5/8/2023 | -3.6% | -6.5% | -1.9% |
| 2/14/2023 | -10.5% | -16.2% | -26.3% |
| 11/1/2022 | -12.8% | -6.9% | -11.7% |
| 8/1/2022 | -1.5% | -6.6% | 15.4% |
| 5/2/2022 | 10.2% | 6.3% | 31.1% |
| 2/15/2022 | 4.7% | 4.1% | 13.7% |
| 11/2/2021 | -0.0% | 4.8% | -0.9% |
| 8/3/2021 | -3.5% | 5.5% | 7.7% |
| 5/4/2021 | 7.6% | 9.8% | 32.9% |
| 2/17/2021 | -5.5% | 2.5% | 4.2% |
| 10/29/2020 | 5.7% | 18.9% | 65.6% |
| 8/4/2020 | 8.6% | 11.5% | -1.8% |
| SUMMARY STATS | |||
| # Positive | 11 | 17 | 14 |
| # Negative | 14 | 8 | 10 |
| Median Positive | 4.7% | 4.8% | 11.4% |
| Median Negative | -3.5% | -6.5% | -4.8% |
| Max Positive | 10.2% | 18.9% | 65.6% |
| Max Negative | -12.8% | -16.2% | -26.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/17/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Production | 1.66 Mil | 1.68 Mil | 1.69 Mil | ||||
| Q3 2026 Oil Production | 0.55 Mil | 0.56 Mil | 0.56 Mil | ||||
| Q3 2026 Capital Expenditures | 1.40 Bil | 1.45 Bil | 1.50 Bil | 61.1% | Higher New | Actual: 900.00 Mil for Q2 2026 | |
| 2027 Annual Pre-tax Synergies | 1.00 Bil | ||||||
| 2027 Synergies Captured | 600.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Production | 0.85 Mil | 0.86 Mil | 0.87 Mil | 3.2% | Higher New | Actual: 0.83 Mil for Q1 2026 | |
| Q2 2026 Capital Spending | 900.00 Mil | 0 | Same New | Actual: 900.00 Mil for Q1 2026 | |||
| Q2 2026 Dividends | 0.32 | 0 | Same New | Guidance: 0.32 for 2026 | |||
| 2026 Share Repurchases | 5.00 Bil | 0 | Affirmed | Guidance: 5.00 Bil for 2026 | |||
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Production | 0.82 Mil | 0.83 Mil | 0.84 Mil | -0.4% | Lower New | Actual: 0.84 Mil for Q4 2025 | |
| Q1 2026 Capital Expenditures | 900.00 Mil | -2.2% | Lower New | Actual: 920.00 Mil for Q4 2025 | |||
| 2026 Dividends | 0.32 | ||||||
| 2026 Share Repurchases | 5.00 Bil | ||||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Capital Expenditures | 890.00 Mil | 920.00 Mil | 950.00 Mil | 2.2% | Higher New | Actual: 900.00 Mil for Q3 2025 | |
| Q4 2025 Total Production | 0.83 Mil | 0.84 Mil | 0.84 Mil | ||||
| Q4 2025 Oil Production | 0.38 Mil | 0.39 Mil | 0.39 Mil | -0.4% | Lower New | Actual: 0.39 Mil for Q3 2025 | |
| 2026 Total Production | 0.83 Mil | 0.84 Mil | 0.85 Mil | 1.4% | Higher New | Actual: 0.83 Mil for 2025 | |
| 2026 Oil Production | 0.39 Mil | 0.3% | Higher New | Actual: 0.39 Mil for 2025 | |||
| 2026 Capital Expenditures | 3.50 Bil | 3.60 Bil | 3.70 Bil | -2.7% | Lower New | Actual: 3.70 Bil for 2025 | |
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alexander, Andrea | SVP & CHIEF ADMIN OFFICER | Direct | Sell | 6122026 | 46.74 | 18,000 | 841,320 | 6,474,845 | Form |
| 2 | Vela, Adam M | SVP & GENERAL COUNSEL | Direct | Sell | 5152026 | 47.21 | 24,342 | 1,149,186 | 6,162,793 | Form |
| 3 | Ritenour, Jeffrey L | EVP & CHIEF CORP DEV OFFICER | Direct | Sell | 5122026 | 46.66 | 70,029 | 3,267,553 | 19,991,570 | Form |
| 4 | Kindick, Kelt | Direct | Sell | 8112025 | 33.46 | 7,685 | 257,140 | 1,064,061 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Alexander, Andrea | SVP & CHIEF ADMIN OFFICER | Direct | Sell | 6122026 | 46.74 | 18,000 | 841,320 | 6,474,845 | Form |
| 2 | Vela, Adam M | SVP & GENERAL COUNSEL | Direct | Sell | 5152026 | 47.21 | 24,342 | 1,149,186 | 6,162,793 | Form |
| 3 | Ritenour, Jeffrey L | EVP & CHIEF CORP DEV OFFICER | Direct | Sell | 5122026 | 46.66 | 70,029 | 3,267,553 | 19,991,570 | Form |
| 4 | Kindick, Kelt | Direct | Sell | 8112025 | 33.46 | 7,685 | 257,140 | 1,064,061 | Form |
Investor Activity (13F)
Updated Aug 21, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| EnCap Investments L.P. | $534.0 Mil | 59.0% | 4 | New | 13F |
| Drummond Knight Asset Management Pty Ltd | $24.5 Mil | 8.7% | 14 | New | 13F |
| Nepsis Inc. | $22.8 Mil | 7.6% | 29 | Hold | 13F |
| Egerton Capital (UK) LLP | $328.3 Mil | 3.6% | 24 | New | 13F |
| Shapiro Capital Management LLC | $45.3 Mil | 2.8% | 50 | Hold | 13F |
| Legacy CG, LLC | $6.1 Mil | 1.7% | 45 | Hold | 13F |
| Sand Grove Capital Management LLP | $6.3 Mil | 1.5% | 18 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| EnCap Investments L.P. | $534.0 Mil | 59.0% | 4 | New | 13F |
| Egerton Capital (UK) LLP | $328.3 Mil | 3.6% | 24 | New | 13F |
| Shapiro Capital Management LLC | $45.3 Mil | 2.8% | 50 | Hold | 13F |
| Drummond Knight Asset Management Pty Ltd | $24.5 Mil | 8.7% | 14 | New | 13F |
| Nepsis Inc. | $22.8 Mil | 7.6% | 29 | Hold | 13F |
| Sand Grove Capital Management LLP | $6.3 Mil | 1.5% | 18 | New | 13F |
| Legacy CG, LLC | $6.1 Mil | 1.7% | 45 | Hold | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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