Meritage Portfolio Management Acquires Shares of 12,254 Devon Energy Co. (NYSE:DVN)


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Meritage Portfolio Management acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 12,254 shares of the energy company’s stock, valued at approximately $268,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Fisher Asset Management LLC increased its stake in Devon Energy by 7.2% during the 1st quarter. Fisher Asset Management LLC now owns 3,216,005 shares of the energy company’s stock valued at $70,270,000 after purchasing an additional 216,546 shares in the last quarter. Usca Ria LLC bought a new stake in shares of Devon Energy in the first quarter worth approximately $1,859,000. State of New Jersey Common Pension Fund D grew its stake in shares of Devon Energy by 43.6% in the first quarter. State of New Jersey Common Pension Fund D now owns 346,606 shares of the energy company’s stock worth $7,573,000 after acquiring an additional 105,212 shares during the period. Abacus Planning Group Inc. bought a new stake in shares of Devon Energy in the first quarter worth approximately $468,000. Finally, Wedbush Securities Inc. bought a new stake in shares of Devon Energy in the first quarter worth approximately $251,000. Institutional investors and hedge funds own 80.86% of the company’s stock.

Shares of DVN opened at $23.62 on Tuesday. The company’s fifty day moving average is $22.50 and its 200 day moving average is $17.85. Devon Energy Co. has a fifty-two week low of $7.73 and a fifty-two week high of $26.13. The stock has a market capitalization of $15.99 billion, a PE ratio of -2.76, a P/E/G ratio of 28.23 and a beta of 3.46. The company has a debt-to-equity ratio of 1.36, a quick ratio of 2.03 and a current ratio of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 16th. The energy company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.02). Devon Energy had a negative net margin of 62.68% and a positive return on equity of 2.38%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $0.36 EPS. As a group, research analysts forecast that Devon Energy Co. will post -0.07 earnings per share for the current year.

In other Devon Energy news, Director Felix Investments Holdings Ii, sold 29,579,389 shares of the business’s stock in a transaction on Monday, February 22nd. The shares were sold at an average price of $21.05, for a total transaction of $622,646,138.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.59% of the company’s stock.

DVN has been the subject of a number of research analyst reports. The Goldman Sachs Group initiated coverage on shares of Devon Energy in a research note on Monday, March 29th. They issued a “buy” rating and a $30.75 price target for the company. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price objective on shares of Devon Energy from $24.00 to $29.00 in a report on Tuesday, March 23rd. Mizuho raised their price objective on shares of Devon Energy from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, April 20th. US Capital Advisors reissued a “buy” rating on shares of Devon Energy in a report on Wednesday, January 13th. Finally, Johnson Rice raised shares of Devon Energy from an “accumulate” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Monday, March 15th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Devon Energy currently has an average rating of “Buy” and a consensus price target of $23.53.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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