Devon Energy Co. (NYSE:DVN) Shares Purchased by Foundation Resource Management Inc.

Foundation Resource Management Inc. increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 12.0% during the 1st quarter, Holdings Channel.com reports. The fund owned 98,286 shares of the energy company’s stock after purchasing an additional 10,547 shares during the quarter. Foundation Resource Management Inc.’s holdings in Devon Energy were worth $3,676,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hurley Capital LLC acquired a new stake in Devon Energy during the 4th quarter worth $26,000. Accredited Wealth Management LLC acquired a new stake in Devon Energy during the 4th quarter worth $28,000. Cromwell Holdings LLC raised its stake in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Devon Energy during the 4th quarter worth $43,000. Finally, Thompson Investment Management Inc. raised its stake in Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after acquiring an additional 600 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 2.7%

DVN stock opened at $32.28 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The company has a market cap of $20.73 billion, a P/E ratio of 7.08, a P/E/G ratio of 1.20 and a beta of 1.02. The company’s 50-day moving average price is $31.09 and its 200 day moving average price is $33.74. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $49.35.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business’s quarterly revenue was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 EPS. On average, research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s dividend payout ratio is presently 21.87%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several research reports. Morgan Stanley raised their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, May 23rd. Royal Bank of Canada lowered their price objective on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, April 14th. Truist Financial raised their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Scotiabank lowered their price objective on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Finally, Mizuho lowered their price objective on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.71.

Devon Energy Company 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.