Devon Energy (NYSE:DVN) PT Lowered to $51.00 at JPMorgan Chase & Co.

Devon Energy (NYSE:DVN) had its price target lowered by JPMorgan Chase & Co. from $64.00 to $51.00 in a report issued on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the energy company’s stock.

Several other equities research analysts have also recently weighed in on the stock. Susquehanna reduced their price target on shares of Devon Energy from $65.00 to $63.00 and set a positive rating on the stock in a research report on Wednesday, September 4th. Wolfe Research began coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a peer perform rating on the stock. Scotiabank dropped their target price on shares of Devon Energy from $67.00 to $60.00 and set a sector outperform rating on the stock in a report on Friday, July 12th. Piper Sandler dropped their target price on shares of Devon Energy from $65.00 to $57.00 and set an overweight rating on the stock in a report on Thursday, August 15th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of Moderate Buy and a consensus target price of $57.81.

Devon Energy Stock Down 0.3 %

Shares of Devon Energy stock opened at $39.45 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The company has a 50-day moving average of $44.64 and a 200 day moving average of $47.43. The firm has a market cap of $24.93 billion, a price-to-earnings ratio of 7.53, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy has a 1 year low of $39.02 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 EPS. As a group, sell-side analysts anticipate that Devon Energy will post 5.36 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.23%. Devon Energy’s payout ratio is currently 16.79%.

Institutional Trading of Devon Energy

Hedge funds have recently made changes to their positions in the stock. Salem Investment Counselors Inc. raised its stake in Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Retirement Group LLC grew its stake in Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after buying an additional 209 shares during the last quarter. MCF Advisors LLC boosted its holdings in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC increased its holdings in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after acquiring an additional 223 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.