Assenagon Asset Management S.A. Acquires 248,509 Shares of Devon Energy Co. (NYSE:DVN)

Assenagon Asset Management S.A. lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 312.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 328,029 shares of the energy company’s stock after acquiring an additional 248,509 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Devon Energy were worth $10,736,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DVN. San Luis Wealth Advisors LLC lifted its position in Devon Energy by 39.2% during the fourth quarter. San Luis Wealth Advisors LLC now owns 19,756 shares of the energy company’s stock valued at $647,000 after purchasing an additional 5,561 shares during the last quarter. Rockland Trust Co. lifted its holdings in shares of Devon Energy by 15.6% in the 4th quarter. Rockland Trust Co. now owns 6,395 shares of the energy company’s stock worth $209,000 after acquiring an additional 865 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in shares of Devon Energy by 35.4% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 15,240 shares of the energy company’s stock worth $499,000 after purchasing an additional 3,981 shares during the period. Signal Advisors Wealth LLC grew its holdings in Devon Energy by 25.8% during the 4th quarter. Signal Advisors Wealth LLC now owns 8,475 shares of the energy company’s stock valued at $277,000 after purchasing an additional 1,739 shares during the last quarter. Finally, FNY Investment Advisers LLC lifted its stake in Devon Energy by 738.5% in the fourth quarter. FNY Investment Advisers LLC now owns 6,700 shares of the energy company’s stock worth $219,000 after purchasing an additional 5,901 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN opened at $37.98 on Friday. The firm has a market capitalization of $24.95 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The business’s 50-day moving average is $35.48 and its two-hundred day moving average is $40.27. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm earned $1.65 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Research analysts anticipate that Devon Energy Co. will post 4.72 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DVN shares. Susquehanna cut their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. TD Cowen lowered their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Raymond James reduced their price target on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Finally, Truist Financial lowered their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $49.27.

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.