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

Devon Energy (NYSE:DVN) had its price objective decreased by JPMorgan Chase & Co. from $48.00 to $42.00 in a research report sent to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Mizuho decreased their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. Raymond James reduced their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Citigroup downgraded Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. One 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Trading Up 2.1 %

Shares of DVN stock opened at $34.50 on Thursday. The stock has a 50-day simple moving average of $35.38 and a 200 day simple moving average of $37.32. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock has a market capitalization of $22.39 billion, a P/E ratio of 7.56, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, sell-side analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.78%. Devon Energy’s payout ratio is presently 21.05%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently bought and sold shares of DVN. Hurley Capital LLC bought a new stake in shares of Devon Energy during the fourth quarter worth $26,000. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy during the fourth quarter worth $28,000. Cromwell Holdings LLC raised its position in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Devon Energy during the fourth quarter worth $43,000. Finally, True Wealth Design LLC raised its position in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after acquiring an additional 1,089 shares during the last quarter. Institutional investors 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.