Interval Partners LP Takes $4.16 Million Position in Devon Energy Co. (NYSE:DVN)

Interval Partners LP acquired a new position in Devon Energy Co. (NYSE:DVN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 87,818 shares of the energy company’s stock, valued at approximately $4,163,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the second quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $30,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at $34,000. Jones Financial Companies Lllp boosted its position in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the last quarter. Finally, PSI Advisors LLC grew its stake in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

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

Devon Energy (NYSE:DVN) last posted its quarterly earnings results 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. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the prior year, the business earned $1.18 EPS. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Co. will post 5.36 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.14%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Analysts Set New Price Targets

A number of brokerages have issued reports on DVN. Susquehanna reduced their target price on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Piper Sandler decreased their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. JPMorgan Chase & Co. dropped their price objective 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. Wolfe Research began coverage on Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Bank of America reaffirmed a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Devon Energy 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.