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

Devon Energy (NYSE:DVN) had its price target reduced by JPMorgan Chase & Co. from $62.00 to $55.00 in a research report sent to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the energy company’s stock.

A number of other research analysts also recently commented on the stock. Piper Sandler raised their target price on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Wells Fargo & Company upped their target price on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Finally, Royal Bank Of Canada lifted their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $59.76.

Devon Energy Stock Performance

NYSE:DVN opened at $43.27 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $26.89 billion, a price-to-earnings ratio of 12.05 and a beta of 0.38. Devon Energy has a 1 year low of $31.45 and a 1 year high of $52.71. The stock’s 50 day simple moving average is $45.16 and its two-hundred day simple moving average is $43.79.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data 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 company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the business earned $0.82 earnings per share. Devon Energy’s revenue for the quarter was down 14.5% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy will post 4.81 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. Devon Energy’s payout ratio is presently 35.65%.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, 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

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. increased its holdings in shares of Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares during the period. MV Capital Management Inc. acquired a new position in shares of Devon Energy in the 4th quarter valued at $29,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Devon Energy in the 2nd quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in Devon Energy in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.