Grace & White Inc. NY Sells 2,500 Shares of Devon Energy Co. (NYSE:DVN)

Grace & White Inc. NY lessened its stake in Devon Energy Co. (NYSE:DVN) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,686 shares of the energy company’s stock after selling 2,500 shares during the quarter. Grace & White Inc. NY’s holdings in Devon Energy were worth $2,531,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Wellington Management Group LLP raised its stake in Devon Energy by 9.8% in the fourth quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock valued at $7,838,000 after purchasing an additional 15,384 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Devon Energy in the first quarter valued at about $951,000. Salem Investment Counselors Inc. raised its stake in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares in the last quarter. Global Assets Advisory LLC acquired a new position in Devon Energy in the first quarter valued at about $10,895,000. Finally, Gateway Investment Advisers LLC raised its stake in Devon Energy by 41.8% in the first quarter. Gateway Investment Advisers LLC now owns 28,474 shares of the energy company’s stock valued at $1,429,000 after purchasing an additional 8,396 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN opened at $40.08 on Tuesday. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The business’s 50 day moving average price is $42.15 and its two-hundred day moving average price is $46.23. The firm has a market cap of $25.33 billion, a PE ratio of 7.65, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the firm earned $1.18 earnings per share. The company’s revenue was up 13.4% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Analyst Ratings Changes

DVN has been the subject of several research analyst reports. Sanford C. Bernstein lowered their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Mizuho lowered their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. Morgan Stanley lowered their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Barclays reduced their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $52.53.

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.