PNC Financial Services Group Inc. Has $6.83 Million Position in Devon Energy Co. (NYSE:DVN)

PNC Financial Services Group Inc. grew its position in Devon Energy Co. (NYSE:DVN) by 14.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 174,495 shares of the energy company’s stock after purchasing an additional 22,534 shares during the period. PNC Financial Services Group Inc.’s holdings in Devon Energy were worth $6,826,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. International Assets Investment Management LLC raised its stake in Devon Energy by 4,125.7% during 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 buying an additional 2,226,983 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Devon Energy by 7,165.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP raised its holdings in Devon Energy by 16.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the period. Finally, National Bank of Canada FI lifted its stake in Devon Energy by 447.6% in the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after buying an additional 964,147 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DVN. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. TD Cowen decreased their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Raymond James cut their target price on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Finally, Evercore ISI dropped their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and an average price target of $51.85.

Devon Energy Stock Up 1.9 %

Shares of DVN opened at $39.45 on Friday. 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 $37.76 and a 12 month high of $55.09. The firm’s 50 day moving average is $39.94 and its 200-day moving average is $43.95. The stock has a market capitalization of $25.91 billion, a PE ratio of 7.32, a P/E/G ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $1.65 EPS. Equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.23%. Devon Energy’s payout ratio is 16.33%.

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.