Foundation Resource Management Inc Lowers stake in Devon Energy Corp (DVN)

Devon Energy Corp (DVN) : Foundation Resource Management Inc reduced its stake in Devon Energy Corp by 1.19% during the most recent quarter end. The investment management company now holds a total of 28,994 shares of Devon Energy Corp which is valued at $1,280,955 after selling 350 shares in Devon Energy Corp , the firm said in a disclosure report filed with the SEC on Oct 5, 2016.Devon Energy Corp makes up approximately 0.23% of Foundation Resource Management Inc’s portfolio.

Other Hedge Funds, Including , Franklin Street Advisors Inc Nc sold out all of its stake in DVN during the most recent quarter. The investment firm sold 5,532 shares of DVN which is valued $244,404.Washington Trust Bank reduced its stake in DVN by selling 3,081 shares or 49.22% in the most recent quarter. The Hedge Fund company now holds 3,179 shares of DVN which is valued at $140,448. Devon Energy Corp makes up approx 0.03% of Washington Trust Bank’s portfolio.Eqis Capital Management reduced its stake in DVN by selling 866 shares or 10.69% in the most recent quarter. The Hedge Fund company now holds 7,235 shares of DVN which is valued at $319,642. Devon Energy Corp makes up approx 0.02% of Eqis Capital Management’s portfolio. Cullinan Associates Inc sold out all of its stake in DVN during the most recent quarter. The investment firm sold 7,460 shares of DVN which is valued $329,583.

Devon Energy Corp closed down -0.92 points or -2.08% at $43.28 with 39,23,742 shares getting traded on Tuesday. Post opening the session at $44.27, the shares hit an intraday low of $42.94 and an intraday high of $44.51 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Devon Energy Corp reported $0.06 EPS for the quarter, beating the analyst consensus estimate by $ 0.25 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $-0.19. The company had revenue of $2488.00 million for the quarter, compared to analysts expectations of $2296.19 million. The company’s revenue was down -26.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.78 EPS.

Investors should note that on Sep 14, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Dec 13, 2016 as the ex-dividend date and fixed the record date on Dec 15, 2016. The payable date has been fixed on Dec 30, 2016.

Many Wall Street Analysts have commented on Devon Energy Corp. Devon Energy Corp was Downgraded by Raymond James to ” Mkt Perform” on Sep 6, 2016. Company shares were Downgraded by KLR Group on Jul 18, 2016 to ” Accumulate”, Firm has raised the Price Target to $ 44 from a previous price target of $41 .Company shares were Upgraded by Scotia Howard Weil on Jul 11, 2016 to ” Focus Stock”, Firm has raised the Price Target to $ 61 from a previous price target of $50 .

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration development and production of oil natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. Devon has approximately 689 Million Barrels of Oil Equivalent (MMBoe) of proved undeveloped reserves. The Company operates through three segments: U.S. Canada and EnLink. The Company’s projects in North America include Anadarko Basin Barnett Shale Mississippian-Woodford Trend Permian Basin Rockies and Canadian Heavy Oil. EnLink’s operations consist of midstream assets and operations located across the United States. In Canada the company has two main projects Jackfish and Pike located in Alberta Canada. In addition its Lloydminster properties are located to the south and east of Jackfish in eastern Alberta.

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