Devon Energy Co. (NYSE:DVN) Shares Purchased by Grace & White Inc. NY

Grace & White Inc. NY raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 22.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,186 shares of the energy company’s stock after purchasing an additional 10,600 shares during the quarter. Grace & White Inc. NY’s holdings in Devon Energy were worth $2,591,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Avior Wealth Management LLC grew its position in shares of Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after acquiring an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC grew its position in shares of Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after acquiring an additional 218 shares in the last quarter. MCF Advisors LLC grew its position in shares of Devon Energy by 9.0% in the 3rd quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock worth $128,000 after acquiring an additional 222 shares in the last quarter. Clearbridge Investments LLC grew its position in shares of Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after acquiring an additional 239 shares in the last quarter. Finally, KG&L Capital Management LLC grew its position in shares of Devon Energy by 4.0% in the 3rd quarter. KG&L Capital Management LLC now owns 6,547 shares of the energy company’s stock worth $312,000 after acquiring an additional 250 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE:DVN traded up $0.44 during mid-day trading on Tuesday, reaching $52.57. 4,165,537 shares of the stock were exchanged, compared to its average volume of 7,934,932. The business has a fifty day moving average price of $48.09 and a 200 day moving average price of $45.98. The firm has a market capitalization of $33.38 billion, a PE ratio of 9.02 and a beta of 2.19. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company earned $1.66 earnings per share. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. Research analysts expect that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Wall Street Analyst Weigh In

DVN has been the subject of several research reports. Susquehanna lifted their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday. Truist Financial lifted their target price on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Scotiabank increased their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Finally, UBS Group increased their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $58.33.

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.