Assenagon Asset Management S.A. lifted its stake in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 219.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 308,141 shares of the energy company’s stock after acquiring an additional 211,684 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Devon Energy were worth $15,595,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in DVN. WFA of San Diego LLC bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $25,000. Tyler Stone Wealth Management bought a new position in Devon Energy in the 4th quarter worth approximately $25,000. Clearview Wealth Advisors LLC bought a new position in Devon Energy in the 1st quarter worth approximately $25,000. Tradewinds Capital Management LLC boosted its stake in Devon Energy by 115.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock worth $26,000 after purchasing an additional 230 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in Devon Energy in the 1st quarter worth approximately $26,000. 71.00% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Devon Energy news, EVP Dennis C. Cameron sold 8,292 shares of the stock in a transaction on Friday, May 5th. The stock was sold at an average price of $49.97, for a total value of $414,351.24. Following the sale, the executive vice president now owns 218,418 shares in the company, valued at $10,914,347.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.
Devon Energy Stock Performance
Devon Energy (NYSE:DVN – Free Report) last released its quarterly earnings results on Monday, May 8th. The energy company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.07. Devon Energy had a return on equity of 47.42% and a net margin of 31.39%. The company had revenue of $3.82 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the prior year, the firm posted $1.88 EPS. Devon Energy’s quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts anticipate that Devon Energy Co. will post 6.14 earnings per share for the current year.
Devon Energy Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were paid a $0.72 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $2.88 dividend on an annualized basis and a yield of 5.96%. Devon Energy’s payout ratio is 8.72%.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. Truist Financial dropped their price target on Devon Energy from $87.00 to $81.00 in a research note on Wednesday, May 10th. StockNews.com downgraded Devon Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, May 17th. Sanford C. Bernstein dropped their price target on Devon Energy from $71.00 to $64.00 in a research note on Wednesday, May 17th. Piper Sandler dropped their price target on Devon Energy from $82.00 to $71.00 in a research note on Tuesday, June 13th. Finally, Stifel Nicolaus decreased their price objective on Devon Energy from $75.00 to $71.00 in a report on Monday, May 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.39.
About Devon Energy
Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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