Assenagon Asset Management S.A. Sells 264,237 Shares of Devon Energy Corporation $DVN

Key Points

• Assenagon Asset Management sharply reduced its Devon Energy stake in the first quarter, selling 264,237 shares and cutting its position by 74.9% to 88,577 shares worth about $4.46 million.
• Several Devon Energy insiders also sold stock recently, including SVPs Andrea Alexander and Adam M. Vela, with insiders selling 112,371 shares valued at about $5.26 million over the last 90 days.
• Devon Energy reported mixed quarterly results, missing earnings and revenue estimates, but it also raised its quarterly dividend to $0.32 per share, implying a 3.0% yield.

Assenagon Asset Management S.A. cut its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 74.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm 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 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tobam raised its position in shares of Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after purchasing an additional 230 shares during the period. TD Private Client Wealth LLC increased its stake in Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after purchasing an additional 236 shares in the last quarter. Catalyst Financial Partners LLC raised its holdings in Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock worth $246,000 after buying an additional 254 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after buying an additional 257 shares during the period. Finally, Zions Bancorporation National Association UT raised its holdings in Devon Energy by 7.9% during the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company's stock worth $129,000 after buying an additional 258 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Devon Energy 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 value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by insiders.

Analyst Ratings Changes

DVN has been the subject of several research analyst reports. Barclays upped their price target on shares of Devon Energy from $54.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Capital One Financial dropped their price objective on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, June 2nd. Morgan Stanley cut their price objective on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday. Sanford C. Bernstein upped their target price on shares of Devon Energy from $42.00 to $59.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. Finally, Zacks Research cut Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $58.85.

Devon Energy Price Performance

Shares of NYSE DVN opened at $42.05 on Tuesday. The stock has a market capitalization of $26.13 billion, a price-to-earnings ratio of 11.71 and a beta of 0.38. 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. Devon Energy Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $52.71.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. This is a boost from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's payout ratio is currently 35.65%.

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.

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