Devon Energy (NYSE:DVN) Price Target Cut to $42.00 by Analysts at JPMorgan Chase & Co.

Devon Energy (NYSE:DVN) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $48.00 to $42.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 21.75% from the stock’s previous close.

DVN has been the topic of a number of other reports. Barclays lifted their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Cowen lowered Devon Energy to a “hold” rating and lowered their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Raymond James lowered their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. Williams Trading set a $50.00 price objective on Devon Energy in a research note on Wednesday, March 5th. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $34.50 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business’s 50 day moving average price is $35.38 and its 200-day moving average price is $37.37. The firm has a market capitalization of $22.39 billion, a PE ratio of 7.56, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates 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 research analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of the company. PKO Investment Management Joint Stock Co purchased a new stake in shares of Devon Energy in the 4th quarter valued at $742,000. Alpha Wealth Funds LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at $1,290,000. Siemens Fonds Invest GmbH purchased a new stake in shares of Devon Energy in the 4th quarter valued at $187,000. Total Wealth Planning & Management Inc. purchased a new stake in shares of Devon Energy in the 4th quarter valued at $273,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Devon Energy in the 4th quarter valued at $7,795,000. Hedge funds and other 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.