Palouse Capital Management Inc. Sells 1,037 Shares of Devon Energy Co. (NYSE:DVN)

Palouse Capital Management Inc. lowered its holdings in Devon Energy Co. (NYSE:DVN) by 1.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 77,195 shares of the energy company’s stock after selling 1,037 shares during the period. Devon Energy makes up about 2.5% of Palouse Capital Management Inc.’s portfolio, making the stock its 13th largest holding. Palouse Capital Management Inc.’s holdings in Devon Energy were worth $3,659,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in DVN. SkyOak Wealth LLC lifted its holdings in shares of Devon Energy by 4.1% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after acquiring an additional 250 shares during the last quarter. Waterloo Capital L.P. acquired a new position in shares of Devon Energy in the 2nd quarter valued at about $280,000. Blair William & Co. IL boosted its holdings in shares of Devon Energy by 2.0% during the 2nd quarter. Blair William & Co. IL now owns 120,419 shares of the energy company’s stock worth $5,708,000 after buying an additional 2,365 shares in the last quarter. Zega Financial LLC bought a new position in Devon Energy during the second quarter worth $267,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Devon Energy by 14.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 84,286 shares of the energy company’s stock worth $3,993,000 after purchasing an additional 10,564 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 0.2 %

NYSE:DVN opened at $40.37 on Thursday. The company has a market cap of $25.51 billion, a PE ratio of 7.70, a P/E/G ratio of 1.13 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a twelve month low of $39.02 and a twelve month high of $55.09. The company’s 50 day moving average is $44.39 and its two-hundred day moving average is $47.39.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 EPS. Analysts anticipate that Devon Energy Co. will post 5.36 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.18%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on DVN shares. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Susquehanna reduced their price target on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Piper Sandler reduced their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Morgan Stanley reduced their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

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.