Meridian Wealth Management LLC Has $517,000 Stock Holdings in Devon Energy Co. (NYSE:DVN)

Meridian Wealth Management LLC decreased its stake in shares of Devon Energy Co. (NYSE:DVN) by 5.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 13,205 shares of the energy company’s stock after selling 791 shares during the period. Meridian Wealth Management LLC’s holdings in Devon Energy were worth $517,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of DVN. International Assets Investment Management LLC boosted its holdings in shares of Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after buying an additional 2,226,983 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares during the period. Los Angeles Capital Management LLC boosted its holdings in shares of Devon Energy by 7,165.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after buying an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 16.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the period. Finally, National Bank of Canada FI boosted its holdings in shares of Devon Energy by 447.6% during the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after buying an additional 964,147 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $39.45 on Monday. The company has a 50 day simple moving average of $39.94 and a 200 day simple moving average of $43.90. The stock has a market cap of $25.91 billion, a price-to-earnings ratio of 7.32, a P/E/G ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. Research analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.23%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Analysts Set New Price Targets

A number of analysts have issued reports on DVN shares. Benchmark reissued a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. BMO Capital Markets cut their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Raymond James cut their price target on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Barclays cut their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $51.85.

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.