Richards Merrill & Peterson Inc. Has $233,000 Stock Holdings in Devon Energy Corporation $DVN

Richards Merrill & Peterson Inc. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 39.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,338 shares of the energy company’s stock after purchasing an additional 2,059 shares during the quarter. Richards Merrill & Peterson Inc.’s holdings in Devon Energy were worth $233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new position in Devon Energy during the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy during the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Devon Energy during the second quarter worth approximately $25,000. Trust Co. of Vermont lifted its holdings in shares of Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after purchasing an additional 666 shares in the last quarter. Finally, SouthState Corp grew its position in Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after purchasing an additional 771 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $32.97 on Friday. The business’s fifty day simple moving average is $34.43 and its 200 day simple moving average is $32.99. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $40.54. The firm has a market capitalization of $20.93 billion, a P/E ratio of 7.39, a price-to-earnings-growth ratio of 2.59 and a beta of 1.03.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.41 EPS. As a group, analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on DVN shares. UBS Group upped their price objective on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Barclays decreased their price objective on Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. JPMorgan Chase & Co. increased their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Finally, Bernstein Bank cut their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.14.

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.