Empirical Finance LLC Sells 9,838 Shares of Devon Energy Co. (NYSE:DVN)

Empirical Finance LLC cut its position in shares of Devon Energy Co. (NYSE:DVN) by 32.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,065 shares of the energy company’s stock after selling 9,838 shares during the period. Empirical Finance LLC’s holdings in Devon Energy were worth $951,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in DVN. iA Global Asset Management Inc. lifted its stake in Devon Energy by 149.0% in the second quarter. iA Global Asset Management Inc. now owns 79,260 shares of the energy company’s stock worth $3,757,000 after acquiring an additional 47,431 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Devon Energy by 21.1% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,823 shares of the energy company’s stock valued at $1,319,000 after buying an additional 4,848 shares during the period. TrueMark Investments LLC raised its stake in Devon Energy by 58.5% in the second quarter. TrueMark Investments LLC now owns 69,520 shares of the energy company’s stock worth $3,295,000 after buying an additional 25,671 shares in the last quarter. Great Diamond Partners LLC lifted its holdings in Devon Energy by 1.6% during the second quarter. Great Diamond Partners LLC now owns 22,554 shares of the energy company’s stock worth $1,069,000 after buying an additional 360 shares during the period. Finally, Argyle Capital Management Inc. increased its holdings in shares of Devon Energy by 4.3% in the 2nd quarter. Argyle Capital Management Inc. now owns 7,333 shares of the energy company’s stock valued at $348,000 after acquiring an additional 300 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.5 %

Shares of DVN stock opened at $44.78 on Friday. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The stock has a market cap of $28.30 billion, a P/E ratio of 8.55, a P/E/G ratio of 0.75 and a beta of 2.07. The stock has a 50 day moving average of $45.85 and a 200 day moving average of $47.58. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the firm earned $1.18 EPS. The business’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy Co. will post 5.4 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.97%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Analyst Ratings Changes

DVN has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Sanford C. Bernstein dropped their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 8th. Wolfe Research initiated coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.75.

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.