Empirical Finance LLC Acquires 12,665 Shares of Devon Energy Co. (NYSE:DVN)

Empirical Finance LLC raised its holdings in Devon Energy Co. (NYSE:DVN) by 61.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,267 shares of the energy company’s stock after purchasing an additional 12,665 shares during the quarter. Empirical Finance LLC’s holdings in Devon Energy were worth $1,089,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of DVN. Geode Capital Management LLC raised its holdings in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy in the third quarter worth about $461,857,000. Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC acquired a new position in shares of Devon Energy during the third quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. grew its stake in shares of Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during 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 $34.24 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market capitalization of $22.49 billion, a PE ratio of 6.35, a P/E/G ratio of 1.04 and a beta of 1.98. The stock has a 50 day simple moving average of $34.41 and a 200 day simple moving average of $38.87. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09.

Analyst Ratings Changes

Several research analysts have issued reports on DVN shares. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Thursday, December 5th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Friday, January 3rd. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Piper Sandler raised their target price on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Truist Financial dropped their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $49.45.

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.