Foundation Resource Management Inc. Purchases 19,363 Shares of Devon Energy Corporation $DVN

Key Points

• Foundation Resource Management Inc. increased its holdings in Devon Energy Corporation by 19.7% during Q2, owning 117,649 shares valued at approximately $3.74 million.
• Devon Energy's quarterly earnings beat expectations with an EPS of $0.84 and revenue of $4.28 billion, showing a year-over-year revenue increase of 9.4%.
• The company declared a $0.24 quarterly dividend, reflecting an annualized dividend of $0.96 and a yield of 2.8%.

Foundation Resource Management Inc. grew its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 19.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 117,649 shares of the energy company's stock after purchasing an additional 19,363 shares during the period. Foundation Resource Management Inc.'s holdings in Devon Energy were worth $3,742,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Ameriprise Financial Inc. grew its holdings in Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after purchasing an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. boosted its position in Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after acquiring an additional 2,098,568 shares during the last quarter. Nuveen LLC purchased a new position in Devon Energy during the first quarter worth about $69,975,000. AQR Capital Management LLC raised its stake in Devon Energy by 100.0% during the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock worth $132,051,000 after purchasing an additional 1,779,382 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in shares of Devon Energy by 530.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock valued at $77,323,000 after acquiring an additional 1,739,436 shares during the period. Institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Raymond James Financial restated an "outperform" rating and issued a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Siebert Williams Shank raised their price target on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Bernstein Bank cut their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Finally, Morgan Stanley lifted their price objective on shares of Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $44.04.

Devon Energy Trading Down 0.6%

DVN traded down $0.19 during midday trading on Monday, reaching $33.77. 6,823,967 shares of the company were exchanged, compared to its average volume of 6,908,607. The stock has a market capitalization of $21.44 billion, a P/E ratio of 7.57, a PEG ratio of 1.97 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The stock's 50-day simple moving average is $33.98 and its 200 day simple moving average is $33.12. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business's revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $1.41 earnings per share. As a group, analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Insiders Place Their Bets

In other news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.73% of the company's stock.

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.