JPMorgan trims price targets for Canadian Cenovus and U.S. Devon Energy

JPMorgan Chase & Co. lowered its price target for Cenovus Energy, a Canadian integrated oil firm, from C$47.00 to C$45.00, suggesting a potential upside of about 21.7% from the current price. The brokerage also cut its target for Devon Energy, a U.S. oil and gas producer, from $62.00 to $55.00, indicating roughly a 26.7% upside. Both revisions were issued in research notes to clients and reflect the banks' reassessments of the companies' earnings prospects and market conditions. Other analysts have issued various ratings for the two firms, but the JPMorgan adjustments were the most recent notable changes.

Cenovus posted earnings of C$0.84 per share for the quarter ending May 6, with revenue of C$12.36 billion, while Devon reported earnings of $1.04 per share for the quarter ending May 5, with revenue of $3.81 billion, both missing consensus estimates. The price‑target cuts may influence investor sentiment toward these energy stocks.