Cyndeo Wealth Partners LLC Acquires Shares of 214,751 Devon Energy Corporation $DVN

Key Points

• Cyndeo Wealth Partners LLC purchased 214,751 shares of Devon Energy Corporation, valued at approximately $6.83 million, during the 2nd quarter.
• Devon Energy reported a quarterly earnings per share of $0.84, surpassing estimates, with revenue of $4.28 billion which was also above analyst expectations.
• The company declared a quarterly dividend of $0.24 per share, yielding 2.8%, indicating a strong return to shareholders.

Cyndeo Wealth Partners LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 214,751 shares of the energy company's stock, valued at approximately $6,831,000.

Several other hedge funds also recently bought and sold shares of the business. Total Wealth Planning & Management Inc. grew its position in Devon Energy by 62.8% in the 2nd quarter. Total Wealth Planning & Management Inc. now owns 20,160 shares of the energy company's stock valued at $641,000 after acquiring an additional 7,779 shares during the last quarter. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Devon Energy in the 2nd quarter worth $520,000. Stiles Financial Services Inc lifted its holdings in shares of Devon Energy by 2.3% in the 2nd quarter. Stiles Financial Services Inc now owns 58,986 shares of the energy company's stock worth $1,876,000 after buying an additional 1,347 shares during the period. Coordinated Financial Services Inc. purchased a new stake in shares of Devon Energy in the 2nd quarter worth $236,000. Finally, IFP Advisors Inc lifted its holdings in shares of Devon Energy by 2.3% in the 2nd quarter. IFP Advisors Inc now owns 20,522 shares of the energy company's stock worth $653,000 after buying an additional 466 shares during the period. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

DVN stock opened at $34.37 on Friday. The firm has a market cap of $21.82 billion, a price-to-earnings ratio of 7.71, a PEG ratio of 2.04 and a beta of 1.03. The firm has a 50-day simple moving average of $34.52 and a two-hundred day simple moving average of $33.14. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 earnings per share. On average, equities analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.24 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.71% of the company's stock.

Analyst Ratings Changes

DVN has been the subject of several research reports. UBS Group upped their target price on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Morgan Stanley upped their target price on Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Barclays lowered their target price on Devon Energy from $42.00 to $40.00 and set an "equal weight" rating for the company in a report on Tuesday. Evercore ISI upped their target price on Devon Energy from $34.00 to $37.00 and gave the stock an "in-line" rating in a report on Monday. Finally, JPMorgan Chase & Co. upped their target price on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and a consensus target price of $43.74.

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.

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