J.P. Morgan Believes Devon Energy (DVN) Won’t Stop Here

J.P. Morgan analyst Arun Jayaram maintained a Buy rating on Devon Energy (DVNResearch Report) on April 7 and set a price target of $77.00. The company’s shares closed last Friday at $62.37, close to its 52-week high of $63.26.

According to, Jayaram is a 5-star analyst with an average return of 12.9% and a 56.4% success rate. Jayaram covers the Utilities sector, focusing on stocks such as Continental Resources, Southwestern Energy, and Antero Resources.

Devon Energy has an analyst consensus of Moderate Buy, with a price target consensus of $66.67, representing a 10.5% upside. In a report issued on April 2, Stifel Nicolaus also maintained a Buy rating on the stock with a $78.00 price target.

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Based on Devon Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $4.27 billion and net profit of $1.51 billion. In comparison, last year the company earned revenue of $1.28 billion and had a GAAP net loss of $102 million.

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of DVN in relation to earlier this year.

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It operates through the following geographical segments: U.S., Canada, and EnLink. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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