Empirical Finance LLC Boosts Stake in Devon Energy Corporation $DVN

Empirical Finance LLC raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 88.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,777 shares of the energy company’s stock after acquiring an additional 18,225 shares during the quarter. Empirical Finance LLC’s holdings in Devon Energy were worth $1,602,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy during the 4th quarter worth $25,000. JFS Wealth Advisors LLC boosted its position in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Devon Energy in the second quarter valued at about $28,000. MV Capital Management Inc. purchased a new position in Devon Energy in the fourth quarter valued at about $29,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Devon Energy in the second quarter valued at about $29,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 1.3%

NYSE:DVN opened at $49.01 on Thursday. The company has a market cap of $53.92 billion, a PE ratio of 11.64, a P/E/G ratio of 1.32 and a beta of 0.37. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average is $45.22 and its two-hundred day moving average is $45.88.

Devon Energy (NYSE:DVN) 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 net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter last year, the company posted $0.84 earnings per share. The business’s quarterly revenue was up 73.1% on a year-over-year basis. Analysts anticipate that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Wall Street Analysts Forecast Growth

Several research firms have commented on DVN. Argus reissued a “buy” rating and set a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Wall Street Zen downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Saturday, September 5th. Mizuho lifted their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Finally, Susquehanna increased their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.23.

Devon Energy Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.