JPMorgan Chase & Co. Issues Pessimistic Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price objective reduced by JPMorgan Chase & Co. from $48.00 to $42.00 in a report released on Thursday,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

Other analysts have also issued research reports about the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Barclays upped their target price on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, Cowen lowered Devon Energy to a “hold” rating and dropped their target price for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.54.

Devon Energy Stock Up 2.1 %

NYSE:DVN opened at $34.50 on Thursday. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market cap of $22.39 billion, a price-to-earnings ratio of 7.56, a PEG ratio of 1.20 and a beta of 1.91. The stock has a 50-day moving average price of $35.38 and a two-hundred day moving average price of $37.32.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, equities analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.78%. Devon Energy’s dividend payout ratio is currently 21.05%.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the business. Bridgewater Associates LP purchased a new position in Devon Energy in the third quarter valued at approximately $9,426,000. Legacy Investment Solutions LLC purchased a new position in Devon Energy in the third quarter valued at approximately $8,002,000. Petrus Trust Company LTA lifted its stake in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. lifted its stake in Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after purchasing an additional 198,193 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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.