Foundation Resource Management Inc. Raises Position in Devon Energy Co. (NYSE:DVN)

Foundation Resource Management Inc. increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 3.5% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 73,335 shares of the energy company’s stock after acquiring an additional 2,464 shares during the period. Foundation Resource Management Inc.’s holdings in Devon Energy were worth $3,545,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tyler Stone Wealth Management acquired a new position in Devon Energy in the 4th quarter worth $25,000. Clearview Wealth Advisors LLC acquired a new position in shares of Devon Energy in the first quarter worth about $25,000. Crewe Advisors LLC grew its stake in Devon Energy by 16,633.3% during the 1st quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock valued at $25,000 after purchasing an additional 499 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Devon Energy during the 1st quarter worth approximately $26,000. Finally, KB Financial Partners LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at approximately $26,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Devon Energy Price Performance

DVN stock traded down $0.25 during trading on Tuesday, hitting $49.25. The company had a trading volume of 3,385,108 shares, compared to its average volume of 8,896,498. The firm has a market capitalization of $31.55 billion, a price-to-earnings ratio of 6.77, a P/E/G ratio of 0.17 and a beta of 2.34. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55. The business has a 50 day moving average of $51.05 and a 200 day moving average of $50.43. Devon Energy Co. has a fifty-two week low of $44.03 and a fifty-two week high of $78.82.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.18. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The firm had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the company posted $2.59 EPS. The firm’s quarterly revenue was down 38.6% on a year-over-year basis. As a group, research analysts predict that Devon Energy Co. will post 5.61 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date is Thursday, September 14th. Devon Energy’s payout ratio is 10.94%.

Insider Activity

In related news, EVP Dennis C. Cameron sold 7,870 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.13, for a total transaction of $402,393.10. Following the completion of the sale, the executive vice president now directly owns 210,548 shares of the company’s stock, valued at $10,765,319.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.63% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on DVN shares. Piper Sandler cut their price target on shares of Devon Energy from $72.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, August 14th. The Goldman Sachs Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $63.00 to $58.00 in a research note on Tuesday, June 13th. UBS Group upped their price objective on Devon Energy from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 18th. Finally, Truist Financial reduced their price objective on Devon Energy from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, August 3rd. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.83.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.