Palouse Capital Management Inc. Buys 1,191 Shares of Devon Energy Co. (NYSE:DVN)

Palouse Capital Management Inc. increased its stake in Devon Energy Co. (NYSE:DVN) by 1.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,057 shares of the energy company’s stock after purchasing an additional 1,191 shares during the period. Devon Energy makes up approximately 1.7% of Palouse Capital Management Inc.’s portfolio, making the stock its 24th biggest holding. Palouse Capital Management Inc.’s holdings in Devon Energy were worth $2,489,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy in the third quarter worth approximately $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy in the third quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in Devon Energy in the third quarter worth approximately $230,928,000. International Assets Investment Management LLC boosted its stake in Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after buying an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in Devon Energy by 16.9% in 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 in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday, January 14th. Raymond James upped their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Piper Sandler upped their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Truist Financial dropped their price objective on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.45.

Devon Energy Stock Performance

NYSE:DVN opened at $34.68 on Friday. The stock has a market cap of $22.78 billion, a P/E ratio of 6.43, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. The firm’s fifty day simple moving average is $34.27 and its 200 day simple moving average is $38.59. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

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.