Devon Energy (NYSE:DVN) Raised to Overweight at JPMorgan Chase & Co.

Devon Energy (NYSE:DVN) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm currently has a $44.00 target price on the energy company’s stock, down from their previous target price of $49.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 17.73% from the stock’s previous close.

DVN has been the subject of several other reports. BMO Capital Markets lowered their price target on shares of Devon Energy from $51.00 to $50.00 in a research note on Tuesday, November 11th. Barclays lowered their target price on Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. Siebert Williams Shank dropped their target price on Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a report on Monday, October 13th. Evercore ISI raised their price target on Devon Energy from $34.00 to $37.00 and gave the stock an “in-line” rating in a research report on Monday, October 6th. Finally, Argus upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, November 26th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $44.55.

Devon Energy Stock Down 0.5%

Shares of DVN opened at $37.37 on Monday. Devon Energy has a 1 year low of $25.89 and a 1 year high of $38.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The stock has a 50 day simple moving average of $34.46 and a two-hundred day simple moving average of $33.94. The firm has a market cap of $23.44 billion, a P/E ratio of 8.79, a P/E/G ratio of 2.89 and a beta of 0.62.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The firm had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. During the same period in the previous year, the business posted $1.10 EPS. On average, analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Chicago Partners Investment Group LLC purchased a new stake in shares of Devon Energy in the 1st quarter worth about $326,000. Zions Bancorporation National Association UT bought a new position in Devon Energy in the first quarter worth about $164,000. Townsquare Capital LLC lifted its holdings in Devon Energy by 37.5% in the first quarter. Townsquare Capital LLC now owns 36,317 shares of the energy company’s stock worth $1,358,000 after buying an additional 9,914 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in Devon Energy in the first quarter worth about $365,000. Finally, Benjamin Edwards Inc. boosted its position in Devon Energy by 10.5% during the 1st quarter. Benjamin Edwards Inc. now owns 21,766 shares of the energy company’s stock valued at $814,000 after acquiring an additional 2,070 shares in the last quarter. Hedge funds and other institutional investors 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.