Devon Energy (NYSE:DVN) Receives Sector Perform Rating from Royal Bank of Canada

Devon Energy (NYSE:DVN)‘s stock had its “sector perform” rating restated by stock analysts at Royal Bank of Canada in a research note issued on Friday,Benzinga reports. They currently have a $50.00 target price on the energy company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 38.50% from the stock’s previous close.

Several other research analysts also recently weighed in on DVN. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. Barclays reduced their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Scotiabank lowered their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Eleven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Stock Performance

DVN opened at $36.10 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market cap of $23.71 billion, a PE ratio of 6.70, a P/E/G ratio of 1.07 and a beta of 1.99. The business has a fifty day simple moving average of $35.62 and a 200-day simple moving average of $40.60. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the company posted $1.65 EPS. As a group, equities analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the 3rd quarter worth approximately $461,857,000. Pacer Advisors Inc. boosted its position in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC acquired a new position in Devon Energy during the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. raised its position in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.