Devon Energy’s (DVN) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Devon Energy (NYSE:DVN)‘s stock had its “sector perform” rating restated by Royal Bank of Canada in a note issued to investors on Friday,Benzinga reports. They presently have a $50.00 price objective on the energy company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 39.04% from the company’s previous close.

Other analysts have also recently issued reports about the company. BMO Capital Markets dropped their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, TD Cowen decreased their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.81 during trading on Friday, reaching $35.96. The company’s stock had a trading volume of 5,447,175 shares, compared to its average volume of 9,752,260. The stock has a 50-day moving average price of $35.67 and a two-hundred day moving average price of $40.73. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The stock has a market capitalization of $23.62 billion, a P/E ratio of 6.67, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.65 earnings per share. As a group, sell-side analysts anticipate that Devon Energy will post 4.79 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Large investors have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the 3rd quarter worth $35,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth $39,000. True Wealth Design LLC grew its holdings in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. grew its holdings in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management grew its holdings in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.