Devon Energy (DVN) Price Target Cut to $56.00 by Analysts at Royal Bank of Canada

Devon Energy (NYSE:DVN) had its price target reduced by investment analysts at Royal Bank of Canada from $58.00 to $56.00 in a research report issued to clients and investors on Thursday. The brokerage presently has a “buy” rating on the energy company’s stock. Royal Bank of Canada’s price target points to a potential upside of 69.65% from the company’s current price.

Several other equities analysts have also commented on DVN. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Tuesday, August 7th. Zacks Investment Research upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research note on Tuesday, October 16th. Stephens set a $52.00 target price on Devon Energy and gave the company a “buy” rating in a research note on Wednesday, July 25th. Stifel Nicolaus set a $60.00 target price on Devon Energy and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $52.00 target price on shares of Devon Energy in a research note on Thursday, August 16th. Six research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $49.96.

NYSE DVN opened at $33.01 on Thursday. Devon Energy has a fifty-two week low of $29.83 and a fifty-two week high of $46.54. The firm has a market capitalization of $16.75 billion, a PE ratio of 52.40, a P/E/G ratio of 1.43 and a beta of 2.27. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 5.85% and a net margin of 16.62%. The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. As a group, research analysts predict that Devon Energy will post 1.49 earnings per share for the current fiscal year.

In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of the business’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the completion of the sale, the director now owns 9,704 shares of the company’s stock, valued at $408,926.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Jackson Grant Investment Advisers Inc. purchased a new stake in Devon Energy during the second quarter valued at about $112,000. Financial Architects Inc grew its position in Devon Energy by 168.5% during the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after acquiring an additional 1,700 shares during the period. Atlas Capital Advisors LLC purchased a new stake in Devon Energy during the third quarter valued at about $119,000. SNS Financial Group LLC purchased a new stake in Devon Energy during the second quarter valued at about $201,000. Finally, Legacy Capital Partners Inc. purchased a new stake in Devon Energy during the second quarter valued at about $202,000. 83.77% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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