Edgestream Partners L.P. Invests $342,000 in Devon Energy Co. (NYSE:DVN)

Edgestream Partners L.P. purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,219 shares of the energy company’s stock, valued at approximately $342,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy in the first quarter worth about $30,000. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the 2nd quarter valued at approximately $34,000. Jones Financial Companies Lllp grew its holdings in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. Finally, PSI Advisors LLC raised its position 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 worth $36,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on DVN shares. Truist Financial dropped their price target on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. Bank of America reiterated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Scotiabank dropped their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Piper Sandler decreased their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. 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 report on Thursday, September 12th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $41.12 on Tuesday. The firm’s 50-day moving average price is $43.92 and its 200-day moving average price is $47.27. Devon Energy Co. has a 52-week low of $39.02 and a 52-week high of $55.09. The company has a market cap of $25.99 billion, a PE ratio of 7.85, a PEG ratio of 1.13 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 EPS. As a group, analysts anticipate that Devon Energy Co. will post 5.36 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is 16.79%.

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.