Devon Energy Co. (NYSE:DVN) is Palouse Capital Management Inc.’s 10th Largest Position

Palouse Capital Management Inc. decreased its holdings in Devon Energy Co. (NYSE:DVN) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,809 shares of the energy company’s stock after selling 1,573 shares during the quarter. Devon Energy comprises approximately 2.6% of Palouse Capital Management Inc.’s portfolio, making the stock its 10th biggest position. Palouse Capital Management Inc.’s holdings in Devon Energy were worth $3,706,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its holdings in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Devon Energy by 96.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock worth $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Devon Energy in the third quarter worth $113,793,000. Morgan Stanley raised its holdings in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Stifel Nicolaus decreased their price objective on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday. Finally, JPMorgan Chase & Co. raised their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.94.

Devon Energy Stock Performance

NYSE DVN traded up $0.42 during trading hours on Friday, hitting $51.85. The company’s stock had a trading volume of 5,072,134 shares, compared to its average volume of 8,005,058. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company’s 50 day simple moving average is $47.89 and its two-hundred day simple moving average is $45.90. The company has a market cap of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the company earned $1.66 EPS. As a group, sell-side analysts expect that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.39%. Devon Energy’s payout ratio is 15.09%.

Devon Energy Company 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.