Devon Energy (NYSE:DVN) has been given a $47.00 price target by equities researchers at Royal Bank of Canada in a research note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the energy company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 17.97% from the company’s current price.
A number of other research analysts have also recently issued reports on the company. Jefferies Group set a $46.00 target price on Devon Energy and gave the company a “buy” rating in a research report on Wednesday. Seaport Global Securities raised Devon Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday. Credit Suisse Group began coverage on Devon Energy in a research note on Monday, December 11th. They set an “outperform” rating and a $43.00 price target on the stock. Citigroup reissued a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research note on Tuesday, November 28th. Finally, Scotiabank set a $50.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Saturday, November 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $45.78.
Devon Energy (DVN) opened at $39.84 on Wednesday. Devon Energy has a 12-month low of $28.79 and a 12-month high of $49.45. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market capitalization of $20,317.50, a PE ratio of 26.51, a price-to-earnings-growth ratio of 1.21 and a beta of 2.21.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at $2,599,891. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.51% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Parametric Portfolio Associates LLC lifted its stake in Devon Energy by 41.4% in the third quarter. Parametric Portfolio Associates LLC now owns 1,674,222 shares of the energy company’s stock valued at $61,461,000 after buying an additional 490,300 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in shares of Devon Energy during the third quarter valued at approximately $183,000. Belpointe Asset Management LLC bought a new stake in shares of Devon Energy during the third quarter valued at approximately $397,000. Sterling Capital Management LLC increased its holdings in shares of Devon Energy by 9.0% during the third quarter. Sterling Capital Management LLC now owns 33,875 shares of the energy company’s stock valued at $1,243,000 after acquiring an additional 2,798 shares in the last quarter. Finally, Griffin Asset Management Inc. bought a new stake in shares of Devon Energy during the third quarter valued at approximately $1,437,000. 77.43% of the stock is currently owned by hedge funds and other institutional investors.
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About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
