How JP Morgan Currently Rates Devon Energy (NYSE:DVN)
JP Morgan issued “Overweight” rating on Devon Energy (NYSE:DVN). The firm began issuing coverage on shares of DVN in a very recent research note sent to investors on Wednesday, 9 December.
From a total of 28 analysts covering Devon Energy Corporation (NYSE:DVN) stock, 24 rate it a ”Buy”, 1 a “Sell”, and 9 a ”Hold”. This means that 71% of the ratings are positive. The highest target price is $72 while the lowest target price is $37. The mean of all analyst targets is $57.57 with a 69.82% above today’s ($35.29) stock price. Devon Energy Corporation was the topic of 21 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. UBS maintained shares on December 8 with “Sell” rating. Howard Weil downgraded shares to “Sector Outperform” rating and $80 target share price in a report from an August 14. Bernstein upgraded DVN stock in a recent report from October 1 to “Outperform” rating. Finally, Citigroup maintained the stock with “Buy” rating in a report issued on a September 14.
Approximately 3.17M shares of stock traded hands. Devon Energy Corp (NYSE:DVN) has declined 47.85% since May 6, 2015 and is downtrending. It has underperformed by 47.06% the S&P500.
The overall sentiment of institutions has decreased to 0.72 in Q2 2015. Its down 0.17, from 0.89 in 2015Q2. The ratio dived, as 128 institutions have sold all the shares of Devon Energy Corp that they owned while 288 funds have taken shares off the table. 57 funds have purchased shares for the first time while 244 added to their positions. These institutions now hold 331.52 million shares or 4.94% more than the 315.90 million shares they owned in 2015Q2.
The Fund Rit Capital Partners Plc currently is holding shares equating to 6.88% of its total portfolio in Devon Energy Corp representing a total of 795,000 shares. Another fund,Mitchell Group Inc, is holding a total of 1.05 million shares equating to 4.95% of their holdings. Additionally, Tweedy Browne Co Llc has a 4.02 million share stake in Devon Energy Corp which represents 4.44% of their total portfolio. The Fund, Holowesko Partners Ltd., based out of Bahamas, has also built up a stake in the stock, which represents a total of 4.21% of their total portfolio. Finally Guinness Asset Management Ltd, a fund which is based in the state of United Kingdom reported a total holdings of 189,450 shares.
Devon Energy Corporation is an independent energy firm engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The company has a market cap of $14.50 billion. The Company’s activities are concentrated in various North American onshore areas in the United States and Canada. It currently has negative earnings. Devon has approximately 689 Million Barrels of Oil Equivalent (MMBoe) of proved undeveloped reserves.
According to Zacks Investment Research, “Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on a balanced portfolio. The Company is the second-largest oil producer among North American onshore independents.” Get a free copy of the Zacks research report on Devon Energy Corp (DVN).