Devon Energy (NYSE:DVN) Given New $55.00 Price Target at JPMorgan Chase & Co.

Devon Energy (NYSE:DVN) had its price target decreased by stock analysts at JPMorgan Chase & Co. from $62.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 26.71% from the company’s current price.

A number of other brokerages have also recently issued reports on DVN. Wells Fargo & Company lifted their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Mizuho lifted their price target on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. The Goldman Sachs Group decreased their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Jefferies Financial Group increased their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.76.

Devon Energy Stock Up 2.4%

Shares of NYSE DVN traded up $1.00 during midday trading on Wednesday, hitting $43.41. 3,171,856 shares of the stock traded hands, compared to its average volume of 14,258,143. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy has a one year low of $31.45 and a one year high of $52.71. The business has a 50 day moving average price of $45.26 and a two-hundred day moving average price of $43.73. The company has a market cap of $26.97 billion, a PE ratio of 12.06 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the business posted $0.82 EPS. The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. On average, equities analysts predict that Devon Energy will post 4.85 EPS for the current year.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. Czech National Bank lifted its stake in shares of Devon Energy by 94.3% during the 2nd quarter. Czech National Bank now owns 328,174 shares of the energy company’s stock valued at $13,560,000 after buying an additional 159,248 shares in the last quarter. PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in shares of Devon Energy by 60.6% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 238,694 shares of the energy company’s stock worth $9,863,000 after acquiring an additional 90,062 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Devon Energy by 37.4% in the second quarter. Assenagon Asset Management S.A. now owns 121,690 shares of the energy company’s stock valued at $5,028,000 after purchasing an additional 33,113 shares in the last quarter. 180 Wealth Advisors LLC raised its stake in shares of Devon Energy by 32.7% during the 2nd quarter. 180 Wealth Advisors LLC now owns 32,788 shares of the energy company’s stock valued at $1,355,000 after purchasing an additional 8,088 shares during the period. Finally, M.E. Allison & CO. Inc. purchased a new stake in Devon Energy during the 2nd quarter worth about $378,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.