Devon Energy Corporation $DVN Shares Purchased by Grace & White Inc. NY

Grace & White Inc. NY boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 120.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,113 shares of the energy company’s stock after buying an additional 102,277 shares during the period. Devon Energy makes up 1.2% of Grace & White Inc. NY’s holdings, making the stock its 26th largest position. Grace & White Inc. NY’s holdings in Devon Energy were worth $7,732,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. LSV Asset Management increased its stake in Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after purchasing an additional 354,500 shares in the last quarter. Morningstar Investment Management LLC acquired a new stake in Devon Energy during the 4th quarter worth about $2,089,000. Kimmeridge Energy Management Company LLC lifted its position in Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the period. Illinois Municipal Retirement Fund grew its stake in Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after purchasing an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its position in Devon Energy by 20.0% in the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after buying an additional 80,000 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is owned by company insiders.

Devon Energy Price Performance

NYSE:DVN opened at $45.83 on Friday. The stock has a 50 day moving average of $43.40 and a two-hundred day moving average of $45.14. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The firm has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share. On average, analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s payout ratio is presently 30.40%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on DVN shares. Wells Fargo & Company cut their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 10th. The Goldman Sachs Group dropped their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Raymond James Financial cut their price objective on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Finally, Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.