Grace & White Inc. NY Grows Position in Devon Energy Corporation $DVN

Key Points

• Grace & White Inc. NY more than doubled its Devon Energy stake in the second quarter, acquiring 102,277 additional shares for a total of 187,113 shares valued at approximately $7.7 million. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported stronger-than-expected quarterly results, with EPS of $1.57 versus the $1.40 consensus estimate and revenue of $7.42 billion, up 73.1% year over year.
• The company declared a quarterly dividend of $0.32 per share, representing an annualized payout of $1.28 and a 2.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $59.60.

Grace & White Inc. NY increased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 120.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 187,113 shares of the energy company's stock after acquiring an additional 102,277 shares during the quarter. Devon Energy comprises about 1.2% of Grace & White Inc. NY's portfolio, making the stock its 26th largest holding. Grace & White Inc. NY's holdings in Devon Energy were worth $7,732,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $25,000. JFS Wealth Advisors LLC increased its position in Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after purchasing an additional 245 shares during the last quarter. MV Capital Management Inc. purchased a new stake in Devon Energy during the fourth quarter valued at $29,000. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Devon Energy during the 2nd quarter valued at about $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new stake in Devon Energy during the fourth quarter worth approximately $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 3.2%

Shares of NYSE DVN opened at $45.83 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $43.40 and a two-hundred day simple moving average of $45.14. The firm has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

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

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was 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 the SEC website. 4.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on DVN shares. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday. The Goldman Sachs Group lowered their target price on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Scotiabank lifted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Truist Financial upped their target price on Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, JPMorgan Chase & Co. cut their price objective on Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

Devon Energy Company 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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source