Devon Energy (NYSE:DVN) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Devon Energy (NYSE:DVN) from an overweight rating to a neutral rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. They currently have $43.00 price objective on the energy company’s stock.

A number of other equities analysts also recently weighed in on the stock. Piper Sandler boosted their target price on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Citigroup dropped their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Finally, Raymond James decreased their price target on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Hold” and an average target price of $50.75.

Devon Energy Trading Down 2.7 %

DVN stock opened at $34.99 on Thursday. The business has a fifty day moving average price of $39.36 and a 200 day moving average price of $43.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a fifty-two week low of $34.76 and a fifty-two week high of $55.09. The stock has a market capitalization of $22.98 billion, a price-to-earnings ratio of 6.49, a P/E/G ratio of 1.15 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $1.65 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

Several hedge funds have recently added to or reduced their stakes in DVN. Annex Advisory Services LLC increased its holdings in shares of Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares in the last quarter. Archer Investment Corp increased its stake in Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after purchasing an additional 235 shares in the last quarter. Institute for Wealth Management LLC. raised its holdings in Devon Energy by 4.0% during the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after buying an additional 237 shares during the period. SkyOak Wealth LLC lifted its stake in Devon Energy by 4.1% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after buying an additional 250 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its holdings in shares of Devon Energy by 0.8% in the second quarter. SeaCrest Wealth Management LLC now owns 33,340 shares of the energy company’s stock valued at $1,580,000 after buying an additional 252 shares during the period. 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.