Devon Energy (NYSE:DVN) Price Target Raised to $57.00 at Royal Bank of Canada

Devon Energy (NYSE:DVN) had its target price increased by investment analysts at Royal Bank of Canada from $55.00 to $57.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the energy company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 11.87% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Scotiabank boosted their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Raymond James lowered their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Susquehanna lifted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Mizuho lifted their price target on Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, Morgan Stanley raised their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.56.

Devon Energy Stock Up 0.8 %

Shares of DVN stock traded up $0.39 on Thursday, reaching $50.95. 2,161,456 shares of the company’s stock traded hands, compared to its average volume of 7,751,353. The business’s 50 day moving average price is $50.02 and its two-hundred day moving average price is $46.31. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a market capitalization of $32.20 billion, a P/E ratio of 9.71 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities analysts forecast that Devon Energy will post 5.24 earnings per share for the current year.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy in the 3rd quarter worth approximately $27,000. Manchester Capital Management LLC purchased a new stake in Devon Energy during the 4th quarter valued at $28,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the first quarter valued at about $30,000. Sound Income Strategies LLC boosted its holdings in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Finally, Rise Advisors LLC increased its holdings in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. 69.72% of the stock is 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.