PNC Financial Services Group Inc. Acquires 22,534 Shares of Devon Energy Co. (NYSE:DVN)

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

Several other large investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares in the last quarter. Raymond James & Associates increased its holdings in Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after buying an additional 138,919 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of 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 acquiring an additional 1,255,543 shares during the period. Finally, Smead Capital Management Inc. boosted its position in shares of Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after acquiring an additional 198,193 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.9 %

Shares of DVN opened at $39.45 on Friday. The stock’s fifty day simple moving average is $39.94 and its 200-day simple moving average is $43.95. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $25.91 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09.

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

Devon Energy Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Susquehanna dropped their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Wells Fargo & Company lowered their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. BMO Capital Markets cut their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, Barclays lowered their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $51.85.

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.