Royal Bank of Canada Reaffirms Sector Perform Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank of Canada in a research note issued to investors on Friday,Benzinga reports. They presently have a $50.00 price target on the energy company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 38.50% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Raymond James reduced their price target on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Mizuho lowered their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Susquehanna cut their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Eleven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.48.

Devon Energy Price Performance

DVN opened at $36.10 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a 50-day moving average of $35.62 and a 200-day moving average of $40.60. The company has a market capitalization of $23.71 billion, a P/E ratio of 6.70, a PEG ratio of 1.07 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in Devon Energy during the 3rd quarter valued at $35,000. Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy in the 3rd quarter worth $39,000. True Wealth Design LLC lifted its holdings in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management grew its holdings in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares during the period. 69.72% of the stock is currently 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.