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

Devon Energy (NYSE:DVN)‘s stock had its “sector perform” rating reiterated by stock analysts at Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $57.00 target price on the energy company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 34.94% from the company’s previous close.

DVN has been the topic of several other reports. Wolfe Research started coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Piper Sandler cut their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Finally, Morgan Stanley boosted their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $58.63.

Devon Energy Trading Down 1.8 %

DVN opened at $42.24 on Tuesday. The stock has a market capitalization of $26.45 billion, a P/E ratio of 8.06, a P/E/G ratio of 1.26 and a beta of 2.07. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The firm’s fifty day simple moving average is $45.61 and its 200 day simple moving average is $47.59. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.18 EPS. As a group, research analysts anticipate that Devon Energy will post 5.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Salem Investment Counselors Inc. grew its stake in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after buying an additional 199 shares during the last quarter. Retirement Group LLC grew its stake in Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after buying an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after buying an additional 209 shares during the last quarter. MCF Advisors LLC grew its stake in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC grew its position in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.