PNC Financial Services Group Inc. Buys 4,204 Shares of Devon Energy Co. (NYSE:DVN)

PNC Financial Services Group Inc. raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 2.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 178,699 shares of the energy company’s stock after buying an additional 4,204 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Devon Energy were worth $5,849,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Cromwell Holdings LLC lifted its position in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at $43,000. True Wealth Design LLC increased its stake in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the period. Activest Wealth Management increased its stake in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after buying an additional 480 shares during the period. Finally, Endeavor Private Wealth Inc. purchased a new position in Devon Energy in the 4th quarter worth about $52,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 1.1 %

DVN stock opened at $34.79 on Thursday. The firm has a 50 day moving average of $35.36 and a 200 day moving average of $37.47. The stock has a market capitalization of $22.58 billion, a PE ratio of 7.63, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Sell-side analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.76%. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Analysts Set New Price Targets

Several research analysts recently commented on DVN shares. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday, January 3rd. Citigroup downgraded shares of Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Williams Trading set a $50.00 target price on shares of Devon Energy in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.