JPMorgan Chase & Co. Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective cut by analysts at JPMorgan Chase & Co. from $48.00 to $42.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 21.75% from the company’s current price.

Several other brokerages have also issued reports on DVN. Mizuho reduced their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Wells Fargo & Company lowered their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Truist Financial raised their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Piper Sandler raised their price target on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.54.

Devon Energy Stock Up 2.1 %

Shares of NYSE DVN opened at $34.50 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $22.39 billion, a PE ratio of 7.56, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The stock’s fifty day simple moving average is $35.38 and its two-hundred day simple moving average is $37.37. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DVN. Atria Investments Inc raised its position in Devon Energy by 4.2% during the third quarter. Atria Investments Inc now owns 84,990 shares of the energy company’s stock valued at $3,325,000 after acquiring an additional 3,393 shares in the last quarter. Covestor Ltd grew its holdings in Devon Energy by 312.1% in the third quarter. Covestor Ltd now owns 2,176 shares of the energy company’s stock valued at $85,000 after purchasing an additional 1,648 shares during the period. Nations Financial Group Inc. IA ADV acquired a new stake in Devon Energy in the third quarter valued at approximately $592,000. Apollon Wealth Management LLC grew its holdings in Devon Energy by 9.4% in the third quarter. Apollon Wealth Management LLC now owns 43,277 shares of the energy company’s stock valued at $1,693,000 after purchasing an additional 3,715 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Devon Energy in the third quarter valued at approximately $333,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.