Triton Wealth Management PLLC Buys Shares of 9,551 Devon Energy Corporation $DVN

Key Points

• Triton Wealth Management PLLC acquired 9,551 shares of Devon Energy Corporation, amounting to approximately $318,000.
• Devon Energy's stock has received a consensus rating of "Moderate Buy" with a target price of $43.68, influenced by upgraded price targets from various research firms.
• The company recently announced a quarterly dividend of $0.24 per share, representing a 2.9% yield with a payout ratio of 21.52%.

Triton Wealth Management PLLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 9,551 shares of the energy company's stock, valued at approximately $318,000.

A number of other institutional investors have also modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in Devon Energy in the 2nd quarter valued at $25,000. Financial Gravity Asset Management Inc. purchased a new stake in shares of Devon Energy in the first quarter valued at $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy in the first quarter valued at $26,000. Trust Co. of Vermont increased its stake in Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock valued at $30,000 after purchasing an additional 666 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its position in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on DVN. JPMorgan Chase & Co. lifted their price target on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Evercore ISI raised their target price on shares of Devon Energy from $34.00 to $37.00 and gave the stock an "in-line" rating in a research report on Monday, October 6th. BMO Capital Markets boosted their target price on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Royal Bank Of Canada set a $42.00 price target on shares of Devon Energy and gave the stock a "sector perform" rating in a research note on Friday. Finally, Bernstein Bank decreased their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Seventeen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.68.

Devon Energy Trading Down 1.6%

NYSE DVN opened at $32.69 on Wednesday. The firm has a market capitalization of $20.75 billion, a price-to-earnings ratio of 7.33, a PEG ratio of 1.93 and a beta of 1.03. 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 Corporation has a one year low of $25.89 and a one year high of $41.84. The company's 50 day moving average price is $34.56 and its 200 day moving average price is $33.02.

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

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.73% of the stock is owned by company insiders.

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.

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