Adams Natural Resources Fund Inc. Has $4.67 Million Stake in Devon Energy Corporation (NYSE:DVN)

Adams Natural Resources Fund Inc. lowered its position in Devon Energy Corporation (NYSE:DVN) by 1.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 124,800 shares of the energy company’s stock after selling 1,400 shares during the period. Devon Energy accounts for 0.6% of Adams Natural Resources Fund Inc.’s portfolio, making the stock its 26th largest holding. Adams Natural Resources Fund Inc.’s holdings in Devon Energy were worth $4,668,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its stake in shares of Devon Energy by 3.7% during the 1st quarter. International Assets Investment Management LLC now owns 53,292 shares of the energy company’s stock worth $1,993,000 after purchasing an additional 1,895 shares during the last quarter. Sava Infond d.o.o. increased its position in Devon Energy by 19.1% during the first quarter. Sava Infond d.o.o. now owns 12,460 shares of the energy company’s stock worth $466,000 after buying an additional 2,000 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Devon Energy by 4.8% during the first quarter. Asset Management One Co. Ltd. now owns 258,564 shares of the energy company’s stock worth $9,670,000 after buying an additional 11,893 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in Devon Energy by 74.5% during the first quarter. Oppenheimer & Co. Inc. now owns 163,355 shares of the energy company’s stock valued at $6,109,000 after buying an additional 69,758 shares in the last quarter. Finally, Stiles Financial Services Inc lifted its position in shares of Devon Energy by 4.8% in the first quarter. Stiles Financial Services Inc now owns 57,639 shares of the energy company’s stock worth $2,155,000 after buying an additional 2,626 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $32.34 on Wednesday. The stock’s 50 day simple moving average is $32.07 and its 200-day simple moving average is $33.47. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The stock has a market cap of $20.76 billion, a PE ratio of 7.37, a P/E/G ratio of 2.45 and a beta of 1.02. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results 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). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. The firm’s quarterly revenue was up 23.8% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.97%. Devon Energy’s dividend payout ratio (DPR) is currently 21.87%.

Analyst Ratings Changes

A number of brokerages recently weighed in on DVN. Barclays raised their price objective on Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. The Goldman Sachs Group boosted their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Raymond James Financial set a $40.00 target price on shares of Devon Energy in a research note on Monday, April 21st. Finally, Wall Street Zen raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $43.50.

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.