Devon Energy Co. (NYSE:DVN) Shares Sold by Trueblood Wealth Management LLC

Trueblood Wealth Management LLC reduced its stake in shares of Devon Energy Co. (NYSE:DVN) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,078 shares of the energy company’s stock after selling 1,056 shares during the quarter. Trueblood Wealth Management LLC’s holdings in Devon Energy were worth $512,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Bank of Stockton acquired a new position in shares of Devon Energy during the third quarter valued at $200,000. Mediolanum International Funds Ltd lifted its position in Devon Energy by 55.3% in the 3rd quarter. Mediolanum International Funds Ltd now owns 156,490 shares of the energy company’s stock valued at $6,087,000 after purchasing an additional 55,704 shares during the last quarter. Canal Capital Management LLC boosted its stake in Devon Energy by 9.4% during the 3rd quarter. Canal Capital Management LLC now owns 145,918 shares of the energy company’s stock valued at $5,708,000 after purchasing an additional 12,579 shares during the period. West Michigan Advisors LLC grew its position in Devon Energy by 1.1% in the 3rd quarter. West Michigan Advisors LLC now owns 62,019 shares of the energy company’s stock worth $2,426,000 after purchasing an additional 660 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. increased its stake in shares of Devon Energy by 17.4% in the third quarter. Mraz Amerine & Associates Inc. now owns 30,989 shares of the energy company’s stock valued at $1,212,000 after purchasing an additional 4,601 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $39.19 on Friday. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The stock has a market capitalization of $24.77 billion, a price-to-earnings ratio of 7.48, a PEG ratio of 1.27 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The stock’s fifty day simple moving average is $41.62 and its 200 day simple moving average is $45.86.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the company earned $1.18 EPS. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is 16.79%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Scotiabank reduced their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Piper Sandler decreased their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Wells Fargo & Company restated a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.53.

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.