Empirical Finance LLC Grows Holdings in Devon Energy Co. (NYSE:DVN)

Empirical Finance LLC raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 2.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,602 shares of the energy company’s stock after acquiring an additional 537 shares during the quarter. Empirical Finance LLC’s holdings in Devon Energy were worth $806,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. William B. Walkup & Associates Inc. bought a new stake in shares of Devon Energy during the second quarter valued at approximately $1,026,000. Gordian Capital Singapore Pte Ltd bought a new stake in Devon Energy in the 2nd quarter valued at $711,000. Nations Financial Group Inc. IA ADV purchased a new stake in Devon Energy in the 3rd quarter worth $592,000. New York State Teachers Retirement System grew its position in shares of Devon Energy by 14.2% during the third quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock valued at $27,573,000 after purchasing an additional 87,462 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Devon Energy by 73.4% in the third quarter. CWM LLC now owns 38,969 shares of the energy company’s stock worth $1,524,000 after purchasing an additional 16,490 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 2.3 %

Shares of DVN opened at $38.47 on Friday. The firm has a market capitalization of $25.27 billion, a P/E ratio of 7.14, a P/E/G ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The firm has a fifty day moving average price of $40.09 and a 200-day moving average price of $44.37. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company posted $1.65 earnings per share. Equities research analysts expect that Devon Energy Co. will post 4.84 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DVN. Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Evercore ISI decreased their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Mizuho lowered their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Finally, Barclays reduced their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $51.80.

Devon Energy Profile

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.