PNC Financial Services Group Inc. trimmed its stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 10.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 182,876 shares of the energy company’s stock after selling 20,408 shares during the period. PNC Financial Services Group Inc.’s holdings in Devon Energy were worth $5,817,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. SVB Wealth LLC increased its stake in Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock valued at $304,000 after purchasing an additional 321 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of Devon Energy by 0.4% in the second quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock valued at $2,776,000 after buying an additional 321 shares in the last quarter. MAS Advisors LLC raised its stake in shares of Devon Energy by 4.3% during the 2nd quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock worth $253,000 after buying an additional 327 shares during the last quarter. Callan Family Office LLC boosted its position in shares of Devon Energy by 3.7% in the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after buying an additional 377 shares in the last quarter. Finally, Private Advisor Group LLC boosted its position in shares of Devon Energy by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company’s stock worth $3,449,000 after buying an additional 386 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.
Analyst Upgrades and Downgrades
DVN has been the subject of several recent research reports. Morgan Stanley dropped their target price on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Susquehanna raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “positive” rating in a research note on Wednesday. Weiss Ratings restated a “sell (d+)” rating on shares of Devon Energy in a research report on Thursday. Evercore ISI increased their target price on Devon Energy from $34.00 to $37.00 and gave the company an “in-line” rating in a report on Monday, October 6th. Finally, Mizuho dropped their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.86.
Check Out Our Latest Report on DVN
Devon Energy Stock Performance
Shares of DVN opened at $35.80 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a market capitalization of $22.45 billion, a price-to-earnings ratio of 8.03, a PEG ratio of 2.49 and a beta of 1.01. The company’s 50 day simple moving average is $33.92 and its 200 day simple moving average is $33.41. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $39.74.
Devon Energy (NYSE:DVN – Get Free Report) last released its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. The firm had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. During the same period in the previous year, the company earned $1.10 EPS. On average, sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.
Devon Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s payout ratio is currently 22.59%.
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.
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