Devon Energy Corporation $DVN Shares Bought by Merit Financial Group LLC

Merit Financial Group LLC raised its stake in Devon Energy Corporation (NYSE:DVN) by 80.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 115,418 shares of the energy company’s stock after purchasing an additional 51,291 shares during the period. Merit Financial Group LLC’s holdings in Devon Energy were worth $4,769,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy during the fourth quarter worth about $25,000. JFS Wealth Advisors LLC grew its stake in Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares in the last quarter. MV Capital Management Inc. bought a new stake in Devon Energy in the fourth quarter valued at about $29,000. KERR FINANCIAL PLANNING Corp acquired a new stake in Devon Energy during the second quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy during the fourth quarter valued at approximately $29,000. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.58% of the stock is currently owned by company insiders.

Devon Energy Price Performance

Shares of DVN opened at $45.83 on Friday. The company has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. The stock has a fifty day moving average price of $43.40 and a 200 day moving average price of $45.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period last year, the business posted $0.84 earnings per share. On average, research analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.

Analyst Ratings Changes

A number of research firms have commented on DVN. Truist Financial increased their target price on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Raymond James Financial lowered their price target on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Capital One Financial dropped their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 10th. Finally, Citigroup lifted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.