Devon Energy (NYSE:DVN) PT Lowered to $51.00

Devon Energy (NYSE:DVN) had its price target cut by JPMorgan Chase & Co. from $64.00 to $51.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 29.28% from the stock’s previous close.

DVN has been the topic of several other research reports. Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley boosted their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Bank of America reissued a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Finally, Susquehanna reduced their price objective on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $57.81.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $39.45 on Thursday. Devon Energy has a 1-year low of $39.02 and a 1-year high of $55.09. The firm has a market capitalization of $24.93 billion, a PE ratio of 7.53, a PEG ratio of 1.13 and a beta of 2.03. The business’s 50 day moving average is $44.64 and its 200-day moving average is $47.41. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.18 EPS. Sell-side analysts predict that Devon Energy will post 5.36 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Large investors have recently modified their holdings of the business. Creekmur Asset Management LLC bought a new stake in shares of Devon Energy in the fourth quarter worth about $791,000. Wahed Invest LLC boosted its position in shares of Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after buying an additional 648 shares during the period. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy during the first quarter worth about $30,000. MCF Advisors LLC boosted its position in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Devon Energy by 39.2% during the first quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock worth $548,000 after buying an additional 3,079 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.