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

by · The Markets Daily

Foundation Resource Management Inc. increased its holdings in Devon Energy Co. (NYSE:DVN – Free Report) by 2.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 87,739 shares of the energy company’s stock after purchasing an additional 1,957 shares during the period. Foundation Resource Management Inc.’s holdings in Devon Energy were worth $2,872,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. William B. Walkup & Associates Inc. bought a new stake in shares of Devon Energy in the 2nd quarter worth about $1,026,000. Legacy Investment Solutions LLC bought a new stake in Devon Energy during the third quarter worth approximately $8,002,000. Bridgewater Associates LP purchased a new stake in Devon Energy during the third quarter valued at approximately $9,426,000. Petrus Trust Company LTA lifted its stake in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on DVN shares. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Evercore ISI cut their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. UBS Group lowered their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday. Finally, Scotiabank decreased their price objective 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. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.27.

Check Out Our Latest Stock Report on DVN

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $37.22 on Wednesday. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The stock’s fifty day moving average price is $35.58 and its 200-day moving average price is $40.49. The firm has a market cap of $24.45 billion, a P/E ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00. 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 (NYSE:DVN – Get Free Report) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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

About Devon Energy

(Free Report)

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.

See Also

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Co. (NYSE:DVN – Free Report).