PNC Financial Services Group Inc. Trims Holdings in Devon Energy Co. (NYSE:DVN)

PNC Financial Services Group Inc. trimmed its position in Devon Energy Co. (NYSE:DVN) by 1.3% in the 4th quarter, HoldingsChannel reports. The fund owned 140,171 shares of the energy company’s stock after selling 1,795 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Devon Energy were worth $6,350,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Nordea Investment Management AB grew its holdings in Devon Energy by 2.7% during the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after buying an additional 9,823 shares in the last quarter. Atria Investments Inc grew its holdings in Devon Energy by 64.4% during the 3rd quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after buying an additional 21,400 shares in the last quarter. Pearl River Capital LLC grew its holdings in Devon Energy by 367.7% during the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares in the last quarter. Argent Trust Co grew its holdings in Devon Energy by 22.1% during the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in Devon Energy by 15.0% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 5,355,552 shares of the energy company’s stock valued at $255,460,000 after buying an additional 697,849 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.2 %

NYSE:DVN opened at $48.23 on Friday. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The company has a market cap of $30.48 billion, a price-to-earnings ratio of 9.20 and a beta of 2.15. The stock has a fifty day simple moving average of $50.86 and a 200-day simple moving average of $46.52. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the company earned $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. Analysts anticipate that Devon Energy Co. will post 5.21 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.82%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DVN shares. StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Scotiabank raised their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Susquehanna raised their target price on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Finally, Piper Sandler raised their target price on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.83.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.63% of the company’s stock.

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.