JPMorgan Chase & Co. Reiterates Overweight Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN)‘s stock had its “overweight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Monday,Benzinga reports. They presently have a $62.00 price target on the energy company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 40.07% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Citigroup lifted their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Morgan Stanley raised their price objective on shares of Devon Energy from $59.00 to $66.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Argus lifted their price objective on shares of Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Evercore initiated coverage on shares of Devon Energy in a research note on Friday, May 15th. They set an “in-line” rating and a $54.00 target price for the company. Finally, Mizuho increased their target price on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Devon Energy Price Performance

Shares of NYSE DVN opened at $44.27 on Monday. 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 $27.51 billion, a price-to-earnings ratio of 12.33 and a beta of 0.37. The stock’s 50-day moving average is $47.61 and its two-hundred day moving average is $42.81. Devon Energy has a 1-year low of $31.45 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. Analysts forecast that Devon Energy will post 4.41 EPS for the current fiscal year.

Insider Buying and Selling at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in DVN. Tobam lifted its stake in Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after buying an additional 230 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in shares of Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after acquiring an additional 236 shares during the period. Catalyst Financial Partners LLC raised its position in Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after purchasing an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in Devon Energy by 21.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after purchasing an additional 257 shares during the last quarter. Finally, Zions Bancorporation National Association UT boosted its stake in Devon Energy by 7.9% during the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after purchasing an additional 258 shares during the period. Hedge funds and other institutional investors 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.