Merit Financial Group LLC Increases Stock Position in Devon Energy Co. (NYSE:DVN)

Merit Financial Group LLC boosted its position in Devon Energy Co. (NYSE:DVN - Free Report) by 209.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,679 shares of the energy company's stock after purchasing an additional 15,351 shares during the quarter. Merit Financial Group LLC's holdings in Devon Energy were worth $848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Resona Asset Management Co. Ltd. purchased a new stake in shares of Devon Energy during the 4th quarter valued at $5,967,000. New York State Teachers Retirement System grew its holdings in Devon Energy by 4.5% in the 4th quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock worth $24,101,000 after acquiring an additional 31,520 shares during the last quarter. Aviva PLC grew its holdings in Devon Energy by 767.3% in the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after acquiring an additional 333,530 shares during the last quarter. Ninepoint Partners LP grew its holdings in Devon Energy by 12.5% in the 4th quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company's stock worth $14,728,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Amundi grew its holdings in Devon Energy by 2.3% in the 4th quarter. Amundi now owns 2,220,879 shares of the energy company's stock worth $78,064,000 after acquiring an additional 50,301 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research reports. The Goldman Sachs Group lifted their target price on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Benchmark reaffirmed a "buy" rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Citigroup decreased their price objective on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Finally, Susquehanna reduced their target price on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $43.71.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $32.28 on Monday. The firm has a market cap of $20.73 billion, a price-to-earnings ratio of 7.08, a P/E/G ratio of 1.20 and a beta of 1.02. The firm has a fifty day moving average price of $31.09 and a 200 day moving average price of $33.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 EPS. As a group, sell-side analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's payout ratio is 21.87%.

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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