Assenagon Asset Management S.A. Has $12.92 Million Stock Position in Devon Energy Corporation $DVN

Assenagon Asset Management S.A. grew its stake in Devon Energy Corporation (NYSE:DVN) by 2,383.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 352,814 shares of the energy company’s stock after acquiring an additional 338,608 shares during the period. Assenagon Asset Management S.A. owned 0.06% of Devon Energy worth $12,924,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. PFS Partners LLC acquired a new position in Devon Energy in the 3rd quarter valued at about $25,000. First Horizon Corp bought a new stake in shares of Devon Energy during the third quarter worth approximately $26,000. Caldwell Trust Co bought a new position in Devon Energy during the second quarter worth about $25,000. Ameriflex Group Inc. raised its stake in Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares in the last quarter. Finally, Accredited Wealth Management LLC boosted its holdings in shares of Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Up 1.4%

Devon Energy stock opened at $52.05 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $52.46. The stock has a market cap of $32.27 billion, a P/E ratio of 12.48, a PEG ratio of 1.18 and a beta of 0.56. The firm’s fifty day moving average price is $43.90 and its 200-day moving average price is $38.18.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The business had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the previous year, the business earned $1.10 earnings per share. The firm’s revenue was down 6.4% on a year-over-year basis. Equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th 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 1.8%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio is currently 23.02%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on DVN shares. Wolfe Research raised their price objective on Devon Energy from $58.00 to $64.00 in a research note on Monday, March 9th. Raymond James Financial increased their price target on Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Piper Sandler lifted their price target on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. TD Cowen upped their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Finally, Scotiabank lowered their price objective on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating for the company in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.32.

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.