Daymark Wealth Partners LLC Purchases 25,467 Shares of Devon Energy Co. (NYSE:DVN)

Daymark Wealth Partners LLC grew its position in Devon Energy Co. (NYSE:DVN) by 11.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 246,954 shares of the energy company’s stock after purchasing an additional 25,467 shares during the period. Daymark Wealth Partners LLC’s holdings in Devon Energy were worth $9,661,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Triad Wealth Partners LLC bought a new stake in Devon Energy during the second quarter worth about $27,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy during the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $34,000. PSI Advisors LLC boosted its holdings in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the last quarter. Finally, LRI Investments LLC bought a new position in shares of Devon Energy in the first quarter valued at $39,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock traded up $0.08 during mid-day trading on Wednesday, hitting $41.76. 1,785,871 shares of the company traded hands, compared to its average volume of 7,269,241. The stock has a fifty day moving average price of $42.51 and a 200-day moving average price of $46.72. The stock has a market cap of $26.39 billion, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $1.18 EPS. On average, equities analysts predict that Devon Energy Co. will post 5.11 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.11%. Devon Energy’s payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Evercore ISI lowered their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Sanford C. Bernstein lowered their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Wells Fargo & Company dropped their price objective on Devon Energy from $55.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Morgan Stanley reduced their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. dropped their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $53.26.

Devon Energy Company Profile

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.