Meridian Wealth Advisors LLC Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

Meridian Wealth Advisors LLC lessened its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 89.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,478 shares of the energy company's stock after selling 76,759 shares during the period. Meridian Wealth Advisors LLC's holdings in Devon Energy were worth $310,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the company. Prospera Financial Services Inc grew its stake in Devon Energy by 20.4% during the 3rd quarter. Prospera Financial Services Inc now owns 22,813 shares of the energy company's stock valued at $893,000 after acquiring an additional 3,867 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Devon Energy during the 3rd quarter worth $806,000. PNC Financial Services Group Inc. boosted its position in shares of Devon Energy by 14.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 174,495 shares of the energy company's stock valued at $6,826,000 after acquiring an additional 22,534 shares during the last quarter. Avior Wealth Management LLC grew its holdings in shares of Devon Energy by 15.7% in the third quarter. Avior Wealth Management LLC now owns 9,515 shares of the energy company's stock valued at $372,000 after purchasing an additional 1,293 shares during the period. Finally, Landscape Capital Management L.L.C. increased its position in Devon Energy by 177.4% during the third quarter. Landscape Capital Management L.L.C. now owns 25,566 shares of the energy company's stock worth $1,000,000 after purchasing an additional 16,351 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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Devon Energy Price Performance

Shares of DVN remained flat at $36.96 during midday trading on Tuesday. The stock had a trading volume of 5,931,865 shares, compared to its average volume of 7,845,709. The stock has a market cap of $23.99 billion, a P/E ratio of 8.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The firm has a fifty day simple moving average of $35.46 and a 200-day simple moving average of $36.95.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, equities research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy's dividend payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wolfe Research raised shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Raymond James reduced their target price on Devon Energy from $54.00 to $46.00 and set an "outperform" rating on the stock in a research report on Monday, March 10th. Barclays increased their price target on Devon Energy from $43.00 to $44.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Piper Sandler boosted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Finally, Benchmark reaffirmed a "buy" rating and set a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.46.

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.