Devon Energy Co. (NYSE:DVN) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its holdings in Devon Energy Co. (NYSE:DVN) by 57.2% during the third quarter, HoldingsChannel reports. The firm owned 79,520 shares of the energy company’s stock after selling 106,252 shares during the period. Assenagon Asset Management S.A.’s holdings in Devon Energy were worth $3,111,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Triad Wealth Partners LLC acquired a new position in Devon Energy in the 2nd quarter valued at about $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the second quarter valued at approximately $34,000. PSI Advisors LLC increased its holdings in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the period. LRI Investments LLC purchased a new stake in shares of Devon Energy during the first quarter worth approximately $39,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the 3rd quarter valued at $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Devon Energy stock opened at $38.34 on Thursday. The firm’s 50-day moving average is $41.26 and its two-hundred day moving average is $45.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a market capitalization of $24.01 billion, a P/E ratio of 6.96, a P/E/G ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the firm posted $1.18 EPS. The company’s revenue was up 13.4% on a year-over-year basis. Equities analysts predict that Devon Energy Co. will post 4.98 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is 15.97%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Sanford C. Bernstein reduced their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Jefferies Financial Group started coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.53.

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.