Palouse Capital Management Inc. Sells 1,573 Shares of Devon Energy Co. (NYSE:DVN)

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

Other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in shares of Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Devon Energy by 96.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock valued at $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Devon Energy in the 3rd quarter valued at about $113,793,000. Morgan Stanley raised its stake in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after purchasing an additional 1,652,671 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.8 %

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

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the firm posted $1.66 EPS. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

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

Analyst Upgrades and Downgrades

DVN has been the topic of several research reports. Raymond James dropped their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Mizuho decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Stifel Nicolaus decreased their price objective on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Finally, UBS Group raised their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.94.

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.