Fruth Investment Management Invests $203,000 in Devon Energy Co. (NYSE:DVN)

Fruth Investment Management purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,050 shares of the energy company’s stock, valued at approximately $203,000.

A number of other large investors also recently added to or reduced their stakes in the company. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at approximately $28,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy in the first quarter valued at approximately $30,000. 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 last quarter. Rise Advisors LLC raised its holdings in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on DVN shares. Royal Bank of Canada lifted their price target on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 9th. Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Truist Financial cut their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Finally, Citigroup raised their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.24.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.73% of the company’s stock.

Devon Energy Price Performance

DVN stock traded up $0.34 on Thursday, reaching $48.11. The company had a trading volume of 3,338,420 shares, compared to its average volume of 5,795,111. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The company’s fifty day moving average is $48.47 and its 200 day moving average is $46.98. The company has a market cap of $30.41 billion, a P/E ratio of 9.18, a PEG ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09.

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

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.83%. Devon Energy’s dividend payout ratio (DPR) is presently 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.