Devon Energy (DVN) Downgraded to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Devon Energy (NYSE:DVN) from an overweight rating to a neutral rating in a report published on Friday morning, Marketbeat Ratings reports. The firm currently has $37.00 price objective on the energy company’s stock, down from their previous price objective of $40.00.

Several other research firms also recently weighed in on DVN. Zacks Investment Research downgraded shares of Devon Energy from a buy rating to a hold rating in a report on Tuesday, November 13th. Morgan Stanley reduced their price objective on shares of Devon Energy from $44.00 to $39.00 and set a hold rating for the company in a report on Tuesday, November 20th. Stephens started coverage on shares of Devon Energy in a report on Thursday. They issued an overweight rating and a $50.00 price objective for the company. Piper Jaffray Companies reaffirmed a buy rating on shares of Devon Energy in a report on Monday, November 19th. Finally, Credit Suisse Group set a $45.00 price objective on shares of Devon Energy and gave the stock a buy rating in a report on Wednesday, November 7th. Ten research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $47.22.

Shares of Devon Energy stock traded down $0.55 during trading on Friday, hitting $27.20. 8,438,622 shares of the stock were exchanged, compared to its average volume of 7,972,277. The firm has a market capitalization of $12.99 billion, a P/E ratio of 43.17, a P/E/G ratio of 1.41 and a beta of 2.26. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.48 and a current ratio of 1.48. Devon Energy has a 12 month low of $25.87 and a 12 month high of $46.54.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.42 by $0.21. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.61 billion. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The company’s quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 earnings per share. As a group, sell-side analysts forecast that Devon Energy will post 1.57 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be given a $0.08 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.18%. Devon Energy’s dividend payout ratio is 50.79%.

A number of hedge funds have recently made changes to their positions in DVN. Matthew Goff Investment Advisor LLC acquired a new stake in Devon Energy in the 3rd quarter valued at approximately $4,168,000. Clearbridge Investments LLC grew its position in shares of Devon Energy by 57.3% in the third quarter. Clearbridge Investments LLC now owns 3,195,598 shares of the energy company’s stock valued at $127,632,000 after purchasing an additional 1,164,365 shares in the last quarter. Morgan Stanley grew its position in shares of Devon Energy by 105.9% in the third quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock valued at $100,722,000 after purchasing an additional 1,296,801 shares in the last quarter. Rehmann Capital Advisory Group grew its position in shares of Devon Energy by 3,766.6% in the third quarter. Rehmann Capital Advisory Group now owns 27,878 shares of the energy company’s stock valued at $698,000 after purchasing an additional 27,157 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC grew its position in shares of Devon Energy by 141.7% in the third quarter. Paradigm Asset Management Co. LLC now owns 24,480 shares of the energy company’s stock valued at $978,000 after purchasing an additional 14,350 shares in the last quarter. Hedge funds and other institutional investors own 82.99% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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