Assenagon Asset Management S.A. Has $11.96 Million Stock Holdings in Devon Energy Corporation $DVN

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Devon Energy Corporation by 81.8%, now owning about 0.06% of the company, valued at approximately $11.96 million.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, surpassing analyst expectations and showing a 9.4% year-over-year revenue increase to $4.28 billion.
• The company announced a quarterly dividend of $0.24 per share, resulting in an annualized yield of 2.8%, with the ex-dividend date set for September 15th.

Assenagon Asset Management S.A. trimmed its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 81.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 375,930 shares of the energy company's stock after selling 1,691,535 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.06% of Devon Energy worth $11,958,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in DVN. Two Sigma Investments LP bought a new stake in Devon Energy during the fourth quarter worth about $256,000. Woodline Partners LP bought a new stake in Devon Energy during the fourth quarter worth about $1,906,000. Vise Technologies Inc. grew its stake in Devon Energy by 56.8% during the fourth quarter. Vise Technologies Inc. now owns 11,806 shares of the energy company's stock worth $386,000 after buying an additional 4,275 shares during the last quarter. Integrated Advisors Network LLC grew its stake in Devon Energy by 6.1% during the fourth quarter. Integrated Advisors Network LLC now owns 8,357 shares of the energy company's stock worth $274,000 after buying an additional 482 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Devon Energy during the fourth quarter worth about $7,795,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.6%

Shares of NYSE:DVN opened at $33.77 on Tuesday. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $33.98 and its 200 day simple moving average is $33.12. The firm has a market cap of $21.44 billion, a price-to-earnings ratio of 7.57, a PEG ratio of 1.97 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the business posted $1.41 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DVN shares. Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Piper Sandler decreased their price target on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Bernstein Bank decreased their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 7th. Morgan Stanley increased their price target on shares of Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Finally, Wolfe Research increased their price target on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Sixteen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Devon Energy has an average rating of "Moderate Buy" and an average target price of $44.04.

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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