Devon Energy (NYSE:DVN) Given New $59.00 Price Target at Royal Bank Of Canada

Devon Energy (NYSE:DVN) had its target price lifted by equities research analysts at Royal Bank Of Canada from $46.00 to $59.00 in a report issued on Wednesday,MarketScreener reports. The brokerage currently has a “sector perform” rating on the energy company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 26.48% from the stock’s current price.

Several other brokerages also recently commented on DVN. Zacks Research raised Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Capital One Financial lifted their price target on Devon Energy from $50.00 to $64.00 and gave the stock an “overweight” rating in a research report on Thursday, March 26th. Mizuho lifted their price target on Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 17th. Argus lifted their price target on Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Scotiabank raised Devon Energy to a “hold” rating in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.18.

Devon Energy Stock Performance

NYSE:DVN traded down $3.30 during mid-day trading on Wednesday, hitting $46.65. 2,081,528 shares of the company’s stock traded hands, compared to its average volume of 13,763,889. The firm has a market capitalization of $28.99 billion, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 0.97 and a beta of 0.47. The firm has a 50 day moving average of $45.58 and a two-hundred day moving average of $38.97. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. Devon Energy has a 12 month low of $25.89 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. The company had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 EPS. On average, equities analysts forecast that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Trading of Devon Energy

A number of hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in shares of Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC raised its holdings in shares of Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after buying an additional 186,743 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after buying an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP boosted its stake in Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after buying an additional 552,068 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its stake in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after buying an additional 3,195,862 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.