Fruth Investment Management Takes Position in Devon Energy Co. (NYSE:DVN)

Fruth Investment Management bought a new position in shares of Devon Energy Co. (NYSE:DVN) in the first quarter, HoldingsChannel reports. The fund bought 4,050 shares of the energy company’s stock, valued at approximately $203,000.

Several other large investors have also recently bought and sold shares of the business. Tradewinds Capital Management LLC acquired a new position in Devon Energy during the first quarter worth approximately $30,000. Manchester Capital Management LLC purchased a new position in Devon Energy during the 4th quarter worth $28,000. Sound Income Strategies LLC increased its stake in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC raised its holdings in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after buying an additional 669 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent analyst reports. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday. Stifel Nicolaus boosted their target price on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Bank of America reissued a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Susquehanna lifted their price target on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Finally, Barclays assumed coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price for the company. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Trading Up 0.7 %

Shares of NYSE DVN traded up $0.34 on Thursday, reaching $48.11. 3,338,420 shares of the company traded hands, compared to its average volume of 5,795,111. The stock has a market capitalization of $30.41 billion, a PE ratio of 9.18, a P/E/G ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $48.47 and a 200 day moving average of $46.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the company posted $1.46 EPS. The business’s quarterly revenue was down 5.9% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.83%. Devon Energy’s payout ratio is currently 16.79%.

Devon Energy 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.