Foundation Resource Management Inc. Purchases 5,109 Shares of Devon Energy Co. (NYSE:DVN)

Foundation Resource Management Inc. lifted its position in Devon Energy Co. (NYSE:DVN) by 6.7% during the 1st quarter, HoldingsChannel reports. The firm owned 81,679 shares of the energy company’s stock after buying an additional 5,109 shares during the period. Foundation Resource Management Inc.’s holdings in Devon Energy were worth $4,099,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at about $28,000. Sound Income Strategies LLC grew its stake in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares in the last quarter. Rise Advisors LLC lifted its holdings in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the last quarter. Jones Financial Companies Lllp grew its position in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. Finally, PFS Partners LLC bought a new position in Devon Energy in the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on DVN shares. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Tuesday. Stifel Nicolaus increased their price target on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Scotiabank boosted their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Royal Bank of Canada increased their target price on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Thursday, May 9th. Finally, Morgan Stanley boosted their price target on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Trading Down 0.4 %

NYSE DVN traded down $0.17 on Friday, hitting $45.82. The company’s stock had a trading volume of 12,610,903 shares, compared to its average volume of 5,950,909. The firm has a market cap of $28.96 billion, a P/E ratio of 8.74, a PEG ratio of 1.22 and a beta of 2.08. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company’s 50-day simple moving average is $49.21 and its 200 day simple moving average is $46.77. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the business posted $1.46 earnings per share. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. Research analysts predict that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.92%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

About Devon Energy

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.