Palouse Capital Management Inc. Increases Stock Position in Devon Energy Co. (NYSE:DVN)

Palouse Capital Management Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 1.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 76,057 shares of the energy company’s stock after purchasing an additional 1,191 shares during the period. Devon Energy comprises about 1.7% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 24th largest position. Palouse Capital Management Inc.’s holdings in Devon Energy were worth $2,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy during the third quarter valued at $461,857,000. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the 3rd quarter worth about $230,928,000. International Assets Investment Management LLC raised its position in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on DVN shares. Citigroup lowered their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. TD Cowen lowered their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Finally, StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Trading Up 1.3 %

Shares of NYSE:DVN opened at $34.68 on Friday. The stock has a 50 day moving average of $34.27 and a 200 day moving average of $38.59. The company has a market cap of $22.78 billion, a PE ratio of 6.43, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

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.