Devon Energy (NYSE:DVN) had its target price decreased by JPMorgan Chase & Co. from $47.00 to $42.00 in a research note issued on Wednesday. The brokerage currently has an “overweight” rating on the energy company’s stock. JPMorgan Chase & Co.’s price target would suggest a potential upside of 28.44% from the company’s current price.
DVN has been the topic of several other reports. Capital One Financial lowered shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 10th. Jefferies Group set a $46.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Wednesday, December 20th. Royal Bank of Canada set a $43.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Friday, February 23rd. Citigroup reissued a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. Finally, Seaport Global Securities raised shares of Devon Energy from a “neutral” rating to a “buy” rating in a report on Tuesday, December 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.60.
Devon Energy (DVN) traded down $0.03 during mid-day trading on Wednesday, reaching $32.70. 1,739,883 shares of the company’s stock traded hands, compared to its average volume of 7,405,273. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73. Devon Energy has a 52-week low of $28.79 and a 52-week high of $45.16. The company has a market cap of $17,230.00, a price-to-earnings ratio of 19.02, a P/E/G ratio of 2.10 and a beta of 2.26.
Devon Energy declared that its board has initiated a stock repurchase program on Wednesday, March 7th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the energy company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now owns 67,900 shares in the company, valued at approximately $2,599,891. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.51% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in DVN. EnCap Energy Capital Fund IX L.P. bought a new position in Devon Energy during the 4th quarter worth approximately $488,237,000. Alyeska Investment Group L.P. increased its stake in shares of Devon Energy by 4,117.5% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,835,864 shares of the energy company’s stock valued at $67,395,000 after acquiring an additional 1,792,334 shares in the last quarter. Discovery Capital Management LLC CT increased its stake in shares of Devon Energy by 2,921.0% in the 4th quarter. Discovery Capital Management LLC CT now owns 1,223,485 shares of the energy company’s stock valued at $50,652,000 after acquiring an additional 1,182,985 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Devon Energy in the 4th quarter valued at $47,888,000. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Devon Energy by 16.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,202,360 shares of the energy company’s stock valued at $256,778,000 after acquiring an additional 862,460 shares in the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.
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About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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