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

Foundation Resource Management Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 87,739 shares of the energy company’s stock after buying an additional 1,957 shares during the quarter. Foundation Resource Management Inc.’s holdings in Devon Energy were worth $2,872,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of DVN. SkyOak Wealth LLC lifted its position in Devon Energy by 4.1% during the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after acquiring an additional 250 shares during the last quarter. Riversedge Advisors LLC increased its position in shares of Devon Energy by 3.6% during the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after purchasing an additional 253 shares in the last quarter. Modus Advisors LLC increased its position in shares of Devon Energy by 2.4% during the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares in the last quarter. Lummis Asset Management LP lifted its holdings in shares of Devon Energy by 1.0% during the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock valued at $1,425,000 after purchasing an additional 290 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. boosted its position in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 1.2 %

Shares of NYSE:DVN opened at $37.22 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The business has a 50 day moving average of $35.58 and a two-hundred day moving average of $40.49. The company has a market capitalization of $24.45 billion, a PE ratio of 6.91, a PEG ratio of 1.07 and a beta of 2.00.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the business posted $1.65 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. As a group, analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Analyst Ratings Changes

Several research analysts recently issued reports on DVN shares. Susquehanna reduced their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Truist Financial cut their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday. Scotiabank lowered their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Raymond James cut their price target on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Finally, Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.27.

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.