Citigroup Inc. Purchases 74,507 Shares of Devon Energy Corporation $DVN

Citigroup Inc. raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 9.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 869,356 shares of the energy company’s stock after buying an additional 74,507 shares during the period. Citigroup Inc. owned about 0.14% of Devon Energy worth $30,480,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. ORG Partners LLC increased its holdings in Devon Energy by 65.7% during the 3rd quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock valued at $31,000 after purchasing an additional 352 shares in the last quarter. Guidance Capital Inc. grew its holdings in shares of Devon Energy by 5.2% during the third quarter. Guidance Capital Inc. now owns 7,425 shares of the energy company’s stock worth $245,000 after purchasing an additional 370 shares during the last quarter. MAI Capital Management increased its stake in shares of Devon Energy by 2.3% in the second quarter. MAI Capital Management now owns 17,647 shares of the energy company’s stock valued at $561,000 after buying an additional 395 shares in the last quarter. IHT Wealth Management LLC raised its holdings in shares of Devon Energy by 1.6% in the second quarter. IHT Wealth Management LLC now owns 24,904 shares of the energy company’s stock valued at $792,000 after buying an additional 399 shares during the last quarter. Finally, M.E. Allison & CO. Inc. raised its holdings in shares of Devon Energy by 6.0% in the third quarter. M.E. Allison & CO. Inc. now owns 7,063 shares of the energy company’s stock valued at $248,000 after buying an additional 400 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock opened at $42.61 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $26.42 billion, a P/E ratio of 10.22, a PEG ratio of 4.11 and a beta of 0.61. The business has a 50-day moving average of $39.34 and a 200-day moving average of $36.36. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $46.15.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 EPS. On average, equities analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.24 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Devon Energy’s dividend payout ratio is currently 23.02%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. The Goldman Sachs Group increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Mizuho set a $51.00 price target on shares of Devon Energy in a research note on Tuesday, February 3rd. Piper Sandler lowered their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Sanford C. Bernstein reduced their price objective on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Finally, Siebert Williams Shank lifted their target price on Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.