Merit Financial Group LLC Has $383,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Merit Financial Group LLC lowered its holdings in shares of Devon Energy Co. (NYSE:DVN) by 99.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,445 shares of the energy company’s stock after selling 899,752 shares during the period. Merit Financial Group LLC’s holdings in Devon Energy were worth $383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy in the 3rd quarter valued at $27,000. Sound Income Strategies LLC raised its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the last quarter. Rise Advisors LLC boosted its holdings in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares in the last quarter. PFS Partners LLC bought a new stake in Devon Energy during the 4th quarter worth approximately $36,000. Finally, Naples Money Management LLC bought a new position in Devon Energy in the 4th quarter valued at $40,000. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Susquehanna lifted their price target on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Barclays initiated coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Truist Financial dropped their price target on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Stock Down 0.8 %

Shares of DVN stock opened at $50.56 on Thursday. The firm has a fifty day moving average of $50.02 and a 200-day moving average of $46.31. The company has a market capitalization of $31.95 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the company earned $1.46 earnings per share. As a group, equities research analysts predict that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s payout ratio is presently 16.79%.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.63% of the company’s stock.

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.