Devon Energy Corporation $DVN Stock: Assenagon Asset Management S.A. Raises Stake

Assenagon Asset Management S.A. boosted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 3,545.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,436,116 shares of the energy company's stock after buying an additional 4,314,426 shares during the period. Assenagon Asset Management S.A. owned 0.40% of Devon Energy worth $204,239,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Nvwm LLC increased its stake in shares of Devon Energy by 3.7% in the third quarter. Nvwm LLC now owns 21,441 shares of the energy company's stock valued at $987,000 after purchasing an additional 762 shares during the period. Viking Fund Management LLC boosted its position in shares of Devon Energy by 76.7% during the third quarter. Viking Fund Management LLC now owns 265,000 shares of the energy company's stock worth $12,201,000 after buying an additional 115,000 shares during the period. B.A. Schrock Wealth Management Inc. bought a new position in shares of Devon Energy in the third quarter worth $394,000. Mather Group LLC. increased its holdings in shares of Devon Energy by 6.2% during the third quarter. Mather Group LLC. now owns 14,726 shares of the energy company's stock valued at $678,000 after purchasing an additional 857 shares during the period. Finally, First Citizens Bank & Trust Co. acquired a new position in shares of Devon Energy during the third quarter valued at $1,318,000. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Devon Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the company an "outperform" rating in a research note on Monday, June 22nd. UBS Group boosted their target price on Devon Energy from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, October 7th. Truist Financial cut their target price on Devon Energy from $65.00 to $61.00 and set a "buy" rating for the company in a research report on Wednesday, October 7th. Finally, Wall Street Zen upgraded Devon Energy from a "hold" rating to a "buy" rating in a research report on Saturday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $60.84.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This represents a 8.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clay M. Gaspar bought 3,913 shares of the firm's stock in a transaction on Monday, September 14th. The shares were bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the purchase, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 4.58% of the company's stock.

Devon Energy Stock Performance

Shares of DVN opened at $49.27 on Friday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a 50-day moving average of $47.91 and a two-hundred day moving average of $46.29. The stock has a market cap of $54.19 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.32 and a beta of 0.49. 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 posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the business posted $0.84 EPS. The company's revenue was up 73.1% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Corporation will post 5.39 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon's operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.