Empirical Asset Management LLC Makes New $763,000 Investment in Devon Energy Co. (NYSE:DVN)

Empirical Asset Management LLC bought a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,320 shares of the energy company’s stock, valued at approximately $763,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy in the 3rd quarter valued at $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy in the third quarter worth about $39,000. True Wealth Design LLC lifted its stake in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its holdings in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management boosted its holdings in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

DVN has been the subject of several analyst reports. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Evercore ISI lowered their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Truist Financial cut their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Finally, StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.27.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.98 on Friday. The stock has a 50-day moving average of $35.48 and a 200-day moving average of $40.27. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The stock has a market cap of $24.95 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the business posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts expect that Devon Energy Co. will post 4.72 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. Devon Energy’s payout ratio is 16.33%.

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.