Assenagon Asset Management S.A. Buys 33,113 Shares of Devon Energy Corporation $DVN

Key Points

• Assenagon Asset Management increased its Devon Energy stake by 37.4% in the second quarter, purchasing 33,113 additional shares for a total holding of 121,690 shares valued at approximately $5.03 million.
• Analysts maintain a generally positive outlook, with Devon receiving a consensus “Moderate Buy” rating and an average price target of $59.60, despite some recent downgrades and target-price revisions.
• Devon reported quarterly EPS of $1.57, exceeding estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also announced a quarterly dividend of $0.32 per share, representing a 2.9% yield.

Assenagon Asset Management S.A. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 37.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 121,690 shares of the energy company's stock after buying an additional 33,113 shares during the period. Assenagon Asset Management S.A.'s holdings in Devon Energy were worth $5,028,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. grew its position in Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock worth $233,953,000 after acquiring an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. raised its position in Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC boosted its stake in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock valued at $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company's stock worth $260,692,000 after purchasing an additional 2,485,603 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Zacks Research downgraded Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Wall Street Zen downgraded shares of Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Susquehanna boosted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, July 8th. Finally, Barclays raised their price target on shares of Devon Energy from $54.00 to $62.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.60.

Devon Energy Stock Down 1.2%

Shares of Devon Energy stock opened at $44.87 on Thursday. The stock's 50-day moving average is $43.40 and its 200 day moving average is $45.09. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The firm has a market cap of $27.88 billion, a price-to-earnings ratio of 10.66 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company's revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 earnings per share. Equities research analysts anticipate that Devon Energy Corporation will post 4.91 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy's payout ratio is presently 30.40%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.58% of the stock is owned by insiders.

Devon Energy 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.

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