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

Devon Energy (NYSE:DVN) had its target price lowered by research analysts at JPMorgan Chase & Co. from $64.00 to $51.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 27.02% from the company’s current price.

Several other research analysts have also commented on the stock. Piper Sandler cut their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Sanford C. Bernstein dropped their price objective on shares of 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. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Wolfe Research started coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Wells Fargo & Company dropped their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.81.

Devon Energy Trading Up 0.6 %

Shares of DVN stock traded up $0.22 during trading hours on Thursday, hitting $40.15. 3,024,167 shares of the company were exchanged, compared to its average volume of 7,070,942. The firm has a market cap of $25.37 billion, a PE ratio of 7.66, a PEG ratio of 1.17 and a beta of 2.03. Devon Energy has a 1 year low of $39.02 and a 1 year high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a fifty day moving average of $44.95 and a 200 day moving average of $47.49.

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. Analysts expect that Devon Energy will post 5.37 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

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

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.