Foundation Resource Management Inc. Buys 10,547 Shares of Devon Energy Co. (NYSE:DVN)

Foundation Resource Management Inc. increased its position in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 12.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,286 shares of the energy company's stock after acquiring an additional 10,547 shares during the period. Foundation Resource Management Inc.'s holdings in Devon Energy were worth $3,676,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Hurley Capital LLC acquired a new position in Devon Energy in the 4th quarter worth about $26,000. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at approximately $28,000. Cromwell Holdings LLC increased its holdings in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after buying an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $43,000. Finally, Thompson Investment Management Inc. lifted its stake in Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock valued at $52,000 after acquiring an additional 600 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.16 during mid-day trading on Thursday, hitting $34.31. The company had a trading volume of 6,143,115 shares, compared to its average volume of 8,686,867. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $49.35. The firm has a market cap of $22.03 billion, a P/E ratio of 7.52, a PEG ratio of 1.20 and a beta of 1.02. The business's 50-day simple moving average is $31.10 and its 200-day simple moving average is $33.70. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period last year, the company earned $1.16 EPS. The company's revenue was up 23.8% on a year-over-year basis. As a group, analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.80%. Devon Energy's dividend payout ratio (DPR) is currently 21.87%.

Analyst Upgrades and Downgrades

DVN has been the topic of several analyst reports. Citigroup dropped their price target on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Truist Financial increased their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research report on Thursday, February 20th. Raymond James set a $40.00 price target on Devon Energy in a research report on Monday, April 21st. Scotiabank decreased their price target on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a research note on Friday, April 11th. Finally, Bank of America lowered their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.71.

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.