Devon Energy (NYSE:DVN) Stock Rating Upgraded by JPMorgan Chase & Co.

Devon Energy (NYSE:DVN) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Monday,Benzinga reports. The firm currently has a $44.00 price target on the energy company’s stock, down from their previous price target of $49.00. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 17.36% from the company’s previous close.

A number of other equities analysts also recently weighed in on the stock. UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 20th. Sanford C. Bernstein raised their price target on shares of Devon Energy from $43.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, November 21st. BMO Capital Markets dropped their price objective on shares of Devon Energy from $51.00 to $50.00 in a research report on Tuesday, November 11th. Royal Bank Of Canada set a $42.00 price objective on Devon Energy and gave the stock a “sector perform” rating in a report on Friday, October 10th. Finally, Morgan Stanley lowered their target price on Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.55.

Devon Energy Price Performance

Devon Energy stock opened at $37.49 on Monday. The business’s fifty day moving average is $34.38 and its two-hundred day moving average is $33.85. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. The firm has a market cap of $23.52 billion, a P/E ratio of 8.82, a P/E/G ratio of 2.89 and a beta of 0.62. Devon Energy has a 52 week low of $25.89 and a 52 week high of $38.88.

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

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new position in Devon Energy in the 2nd quarter worth $25,000. Caldwell Trust Co acquired a new stake in shares of Devon Energy in the 2nd quarter valued at about $25,000. PFS Partners LLC bought a new stake in shares of Devon Energy in the third quarter valued at about $25,000. First Horizon Corp acquired a new position in shares of Devon Energy during the third quarter worth about $26,000. Finally, Accredited Wealth Management LLC boosted its position in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the period. 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.