Assenagon Asset Management S.A. Has $4.46 Million Position in Devon Energy Corporation $DVN

Assenagon Asset Management S.A. lessened its holdings in Devon Energy Corporation (NYSE:DVN) by 74.9% during the first quarter, Holdings Channel reports. The fund owned 88,577 shares of the energy company’s stock after selling 264,237 shares during the period. Assenagon Asset Management S.A.’s holdings in Devon Energy were worth $4,457,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Wedge Capital Management L L P NC bought a new position in shares of Devon Energy in the fourth quarter worth about $9,931,000. Investors Research Corp boosted its stake in shares of Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after purchasing an additional 27,575 shares in the last quarter. Philip James Wealth Mangement LLC grew its holdings in shares of Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after purchasing an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy during the 4th quarter worth approximately $2,089,000. Finally, LSV Asset Management increased its position in Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after purchasing an additional 354,500 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 over the last three months. 4.58% of the stock is owned by company insiders.

Devon Energy Price Performance

Shares of DVN opened at $42.05 on Tuesday. The business has a 50-day moving average of $45.92 and a 200-day moving average of $43.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market capitalization of $26.13 billion, a price-to-earnings ratio of 11.71 and a beta of 0.38. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.82 earnings per share. As a group, equities research analysts anticipate that Devon Energy Corporation will post 4.97 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.32 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. Devon Energy’s dividend payout ratio is presently 35.65%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Citigroup raised their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Raymond James Financial dropped their price target on Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating for the company in a research note on Monday, June 15th. Roth Mkm restated a “buy” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, April 28th. Mizuho boosted their target price on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. began coverage on shares of Devon Energy in a research note on Monday, June 8th. They set an “overweight” rating and a $62.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $58.85.

About Devon Energy

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.