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

Empirical Finance LLC grew its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 61.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,267 shares of the energy company's stock after acquiring an additional 12,665 shares during the period. Empirical Finance LLC's holdings in Devon Energy were worth $1,089,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock worth $619,747,000 after buying an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the third quarter worth approximately $461,857,000. Pacer Advisors Inc. raised its stake 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 buying an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the third quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. raised 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 worth $390,079,000 after buying an additional 361,968 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. TD Cowen dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a research note on Tuesday, November 5th. Truist Financial decreased their price objective 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. Citigroup decreased their price objective on shares of Devon Energy from $55.00 to $48.00 and set a "buy" rating for the company in a report on Tuesday, November 26th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $49.45.

Devon Energy Stock Up 1.3 %

DVN traded up $0.46 during trading hours on Friday, hitting $34.68. 9,066,227 shares of the company's stock were exchanged, compared to its average volume of 9,265,842. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The stock's 50-day moving average is $34.27 and its two-hundred day moving average is $38.65. The stock has a market cap of $22.78 billion, a price-to-earnings ratio of 6.43, a PEG ratio of 1.04 and a beta of 1.98. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

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.