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

Devon Energy (NYSE:DVN) had its price target trimmed by JPMorgan Chase & Co. from $48.00 to $42.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Barclays boosted their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. Susquehanna upped their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Piper Sandler boosted their target price on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Raymond James lowered their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.54.

Devon Energy Stock Down 2.8 %

NYSE:DVN opened at $33.79 on Thursday. The stock’s fifty day simple moving average is $35.36 and its 200-day simple moving average is $37.47. The firm has a market capitalization of $21.93 billion, a P/E ratio of 7.41, 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 has a 12-month low of $30.39 and a 12-month high of $55.09.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.84%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC bought a new position in shares of Devon Energy in the third quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy during the third quarter worth $230,928,000. Vanguard Group Inc. raised its position in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after acquiring an additional 5,465,692 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Devon Energy in the fourth quarter valued at $154,170,000. 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.