PNC Financial Services Group Inc. Has $7.60 Million Position in Devon Energy Corporation (NYSE:DVN)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Devon Energy Corporation by 13.8%, owning a total of 203,284 shares valued at approximately $7.6 million after purchasing 24,585 additional shares.
• Several institutional investors, including Covestor Ltd and Whittier Trust Co., have also increased their stakes in Devon Energy, highlighting significant interest from hedge funds and other institutional investors, who hold 69.72% of the stock.
• Analysts have a consensus rating of "Moderate Buy" for Devon Energy, with a price target averaging $43.85, while the company's stock opened at $32.33 with a market capitalization of $20.76 billion.

PNC Financial Services Group Inc. boosted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 13.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,284 shares of the energy company's stock after buying an additional 24,585 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Devon Energy were worth $7,603,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of DVN. Banque Cantonale Vaudoise bought a new stake in shares of Devon Energy during the first quarter worth $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy in the 1st quarter valued at about $26,000. Rakuten Securities Inc. raised its stake in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the last quarter. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $28,000. Finally, Hughes Financial Services LLC bought a new stake in shares of Devon Energy during the first quarter valued at approximately $38,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 0.4%

Shares of Devon Energy stock traded down $0.12 during trading hours on Thursday, reaching $32.34. 10,931,145 shares of the company's stock were exchanged, compared to its average volume of 7,670,810. The company has a current ratio of 1.22, a quick ratio of 0.99 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $33.01 and a two-hundred day moving average of $33.26. The stock has a market cap of $20.76 billion, a P/E ratio of 7.25, a P/E/G ratio of 1.84 and a beta of 1.07. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $46.04.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. The business's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.41 EPS. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. Devon Energy's payout ratio is currently 21.52%.

Analyst Ratings Changes

Several research analysts have issued reports on DVN shares. Bank of America reduced their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. BMO Capital Markets boosted their target price on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Piper Sandler reiterated an "overweight" rating and issued a $58.00 price objective (up from $53.00) on shares of Devon Energy in a research report on Thursday, July 17th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Finally, Susquehanna reduced their price objective on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $43.93.

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.