Devon Energy Corporation $DVN Shares Acquired by Palouse Capital Management Inc.

Palouse Capital Management Inc. increased its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 37.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 108,524 shares of the energy company’s stock after purchasing an additional 29,622 shares during the quarter. Devon Energy makes up approximately 2.3% of Palouse Capital Management Inc.’s portfolio, making the stock its 12th biggest position. Palouse Capital Management Inc.’s holdings in Devon Energy were worth $3,452,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy in the 1st quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new stake in Devon Energy in the second quarter valued at $25,000. Trust Co. of Vermont boosted its stake in Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after acquiring an additional 666 shares in the last quarter. SouthState Corp increased its position in shares of Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after purchasing an additional 771 shares in the last quarter. Finally, Hughes Financial Services LLC purchased a new stake in shares of Devon Energy in the 1st quarter valued at about $38,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the topic of a number of research reports. Barclays dropped their price target on Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. Scotiabank restated an “outperform” rating on shares of Devon Energy in a research note on Thursday, October 9th. Morgan Stanley cut their price target on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Raymond James Financial reaffirmed an “outperform” rating and issued a $45.00 price objective (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Finally, Piper Sandler reduced their target price on Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.04.

Devon Energy Trading Up 0.7%

NYSE DVN opened at $33.94 on Tuesday. The company has a market cap of $21.55 billion, a P/E ratio of 7.61, a P/E/G ratio of 2.49 and a beta of 1.01. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $39.74. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company has a 50-day moving average of $33.93 and a 200-day moving average of $33.29.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. The firm had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. During the same quarter in the prior year, the business posted $1.10 earnings per share. As a group, equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is 22.59%.

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.