Fort Pitt Capital Group LLC Has $58.37 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Fort Pitt Capital Group LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 8.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,231,389 shares of the energy company's stock after purchasing an additional 99,421 shares during the quarter. Devon Energy accounts for 1.8% of Fort Pitt Capital Group LLC's portfolio, making the stock its 28th largest holding. Fort Pitt Capital Group LLC owned approximately 0.19% of Devon Energy worth $58,368,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company's stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. Raymond James & Associates boosted its holdings in Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company's stock valued at $435,311,000 after purchasing an additional 138,919 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company's stock valued at $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock valued at $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in Devon Energy by 3.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company's stock valued at $222,752,000 after purchasing an additional 169,923 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on DVN shares. JPMorgan Chase & Co. boosted their target price on Devon Energy from $62.00 to $64.00 and gave the stock an "overweight" rating in a report on Monday, July 8th. BMO Capital Markets raised Devon Energy to a "strong-buy" rating in a report on Wednesday, July 3rd. Susquehanna reissued a "positive" rating and issued a $65.00 target price on shares of Devon Energy in a report on Tuesday, July 9th. Truist Financial reduced their target price on Devon Energy from $67.00 to $64.00 and set a "buy" rating on the stock in a report on Tuesday, July 9th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.75.

Devon Energy Trading Down 0.1 %

Shares of Devon Energy stock traded down $0.06 on Wednesday, hitting $44.59. 3,650,459 shares of the company's stock traded hands, compared to its average volume of 7,115,231. The firm's 50-day moving average price is $45.89 and its two-hundred day moving average price is $47.54. The stock has a market capitalization of $28.18 billion, a PE ratio of 8.51, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to analysts' expectations of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.18 EPS. On average, research analysts expect that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy's payout ratio is 16.79%.

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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