Devon Energy (NYSE:DVN) Price Target Lowered to $42.00 at JPMorgan Chase & Co.

Devon Energy (NYSE:DVN) had its target price reduced by JPMorgan Chase & Co. from $48.00 to $42.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 24.86% from the company’s current price.

A number of other analysts have also issued reports on the stock. Truist Financial lifted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Raymond James dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Friday, January 3rd. Finally, Wells Fargo & Company dropped their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Trading Down 3.2 %

DVN stock traded down $1.11 during midday trading on Thursday, reaching $33.64. 4,833,486 shares of the company’s stock traded hands, compared to its average volume of 7,845,611. The company has a market capitalization of $21.83 billion, a P/E ratio of 7.37, a PEG ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The business has a 50-day moving average price of $35.36 and a two-hundred day moving average price of $37.47.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Equities research analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bridgewater Associates LP purchased a new position in Devon Energy during the 3rd quarter valued at about $9,426,000. Legacy Investment Solutions LLC purchased a new position in Devon Energy during the 3rd quarter valued at about $8,002,000. Petrus Trust Company LTA grew its stake in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after acquiring an additional 17,415 shares in the last quarter. CIBC Asset Management Inc grew its stake in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. grew its stake in Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after acquiring an additional 198,193 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.