Devon Energy (NYSE:DVN) Downgraded by JPMorgan Chase & Co. to Neutral

Devon Energy (NYSE:DVN) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Thursday, Marketbeat reports. They presently have a $43.00 target price on the energy company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 18.49% from the company’s current price.

Several other equities analysts have also weighed in on the company. Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. BMO Capital Markets decreased their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Jefferies Financial Group assumed coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Wells Fargo & Company lowered their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Finally, Mizuho lowered their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $50.75.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $36.29 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a 12 month low of $36.04 and a 12 month high of $55.09. The business has a fifty day simple moving average of $39.55 and a 200-day simple moving average of $43.31. The stock has a market cap of $23.84 billion, a PE ratio of 6.73, a price-to-earnings-growth ratio of 1.19 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business 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 earned $1.65 earnings per share. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Devon Energy will post 4.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Park Avenue Securities LLC lifted its stake in shares of Devon Energy by 3.9% in the 2nd quarter. Park Avenue Securities LLC now owns 12,351 shares of the energy company’s stock valued at $585,000 after purchasing an additional 467 shares during the period. CWM LLC lifted its stake in shares of Devon Energy by 17.4% in the 2nd quarter. CWM LLC now owns 22,479 shares of the energy company’s stock valued at $1,066,000 after purchasing an additional 3,332 shares during the period. Simplicity Wealth LLC lifted its stake in shares of Devon Energy by 3.6% in the 2nd quarter. Simplicity Wealth LLC now owns 11,870 shares of the energy company’s stock valued at $563,000 after purchasing an additional 416 shares during the period. Capital Investment Advisors LLC lifted its stake in shares of Devon Energy by 6.0% in the 2nd quarter. Capital Investment Advisors LLC now owns 7,350 shares of the energy company’s stock valued at $348,000 after purchasing an additional 417 shares during the period. Finally, Annex Advisory Services LLC lifted its stake in shares of Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 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.