Triad Wealth Partners LLC Acquires New Holdings in Devon Energy Co. (NYSE:DVN)

Triad Wealth Partners LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 575 shares of the energy company’s stock, valued at approximately $27,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new stake in Devon Energy in the fourth quarter valued at about $791,000. Wahed Invest LLC raised its stake in Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after buying an additional 648 shares during the last quarter. Tradewinds Capital Management LLC purchased a new stake in Devon Energy in the first quarter valued at about $30,000. MCF Advisors LLC raised its stake in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in Devon Energy in the fourth quarter valued at about $702,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN traded down $0.35 during trading on Friday, hitting $45.09. The company’s stock had a trading volume of 4,756,879 shares, compared to its average volume of 7,234,730. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The business’s fifty day simple moving average is $46.16 and its 200 day simple moving average is $47.34. The firm has a market capitalization of $28.50 billion, a price-to-earnings ratio of 8.60, a P/E/G ratio of 0.75 and a beta of 2.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the company earned $1.18 earnings per share. On average, equities research analysts forecast that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on DVN shares. Morgan Stanley raised their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Truist Financial reduced their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Susquehanna restated a “positive” rating and issued a $65.00 price objective on shares of Devon Energy in a research note on Tuesday, July 9th. Piper Sandler reduced their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Sanford C. Bernstein reduced their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $58.75.

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.