Devon Energy (NYSE:DVN) Price Target Cut to $51.00

Devon Energy (NYSE:DVN) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $64.00 to $51.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 27.02% from the company’s previous close.

DVN has been the topic of several other research reports. Wolfe Research started coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Piper Sandler lowered their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Scotiabank lowered their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Morgan Stanley lifted their target price on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. 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. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $57.81.

Devon Energy Trading Up 0.6 %

DVN traded up $0.22 during trading on Thursday, reaching $40.15. The company had a trading volume of 3,024,167 shares, compared to its average volume of 7,070,942. The firm’s 50-day simple moving average is $44.95 and its 200 day simple moving average is $47.49. The company has a market cap of $25.37 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 1.17 and a beta of 2.03. Devon Energy has a 12-month low of $39.02 and a 12-month high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the business posted $1.18 EPS. Devon Energy’s revenue was up 13.4% on a year-over-year basis. Equities research analysts anticipate that Devon Energy will post 5.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DVN. Lazari Capital Management Inc. raised its stake in shares of Devon Energy by 42.7% in the second quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock valued at $1,493,000 after purchasing an additional 9,423 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Devon Energy in the second quarter valued at $19,139,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Devon Energy in the second quarter valued at $711,000. Dana Investment Advisors Inc. raised its stake in shares of Devon Energy by 117.3% in the second quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock valued at $1,106,000 after purchasing an additional 12,593 shares in the last quarter. Finally, SPC Financial Inc. raised its stake in shares of Devon Energy by 19.1% in the second quarter. SPC Financial Inc. now owns 13,615 shares of the energy company’s stock valued at $645,000 after purchasing an additional 2,186 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.