Citizens Financial Group Inc. RI Increases Stock Position in Devon Energy Co. (NYSE:DVN)

Citizens Financial Group Inc. RI increased its position in shares of Devon Energy Co. (NYSE:DVN) by 12.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,116 shares of the energy company’s stock after buying an additional 1,339 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Devon Energy were worth $397,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Cromwell Holdings LLC increased its holdings in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC purchased a new position in shares of Devon Energy during the fourth quarter worth about $43,000. True Wealth Design LLC increased its position 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 valued at $44,000 after acquiring an additional 1,089 shares during the period. Activest Wealth Management raised its stake in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares during the last quarter. Finally, Endeavor Private Wealth Inc. acquired a new stake in Devon Energy during the 4th quarter worth approximately $52,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $33.79 on Friday. The firm’s 50-day moving average is $35.36 and its two-hundred day moving average is $37.47. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The stock has a market capitalization of $21.93 billion, a P/E ratio of 7.41, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

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

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.84%. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on DVN. Mizuho lowered their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup cut shares of Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Finally, Barclays raised their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.54.

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.