Foundation Resource Management Inc. Has $3.36 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Foundation Resource Management Inc. boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 3.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,782 shares of the energy company’s stock after purchasing an additional 3,153 shares during the quarter. Foundation Resource Management Inc.’s holdings in Devon Energy were worth $3,356,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. increased its stake in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares during the period. Los Angeles Capital Management LLC increased its stake in Devon Energy by 7,165.6% during the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after acquiring an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after acquiring an additional 964,147 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Up 0.2 %

Shares of DVN opened at $42.96 on Friday. The stock’s fifty day simple moving average is $42.37 and its 200-day simple moving average is $46.62. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $26.90 billion, a PE ratio of 7.80, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the prior year, the company posted $1.18 EPS. The company’s revenue was up 13.4% compared to the same quarter last year. As a group, research analysts predict that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 15.97%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on DVN shares. Piper Sandler cut their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Bank of America reiterated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Sanford C. Bernstein dropped their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Eight analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.63.

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.