Devon Energy Corp (NYSE:DVN) received a $43.00 price objective from Royal Bank Of Canada in a research report issued to clients and investors on Friday. The brokerage currently has a “buy” rating on the energy company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 38.00% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets reissued a “buy” rating and set a $45.00 price objective on shares of Devon Energy Corp in a research note on Wednesday, May 3rd. Stifel Nicolaus reissued a “buy” rating and set a $74.00 price objective on shares of Devon Energy Corp in a research note on Tuesday, June 6th. Scotiabank set a $57.00 price objective on Devon Energy Corp and gave the company a “buy” rating in a research note on Tuesday, May 16th. KLR Group reissued a “buy” rating and set a $54.00 price objective (up previously from $52.00) on shares of Devon Energy Corp in a research note on Monday, May 15th. Finally, Bank of America Corporation reissued a “buy” rating on shares of Devon Energy Corp in a research note on Thursday, May 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $46.30.

Devon Energy Corp (DVN) opened at 31.16 on Friday. The firm has a market capitalization of $16.38 billion, a price-to-earnings ratio of 7.05 and a beta of 2.17. Devon Energy Corp has a 1-year low of $28.79 and a 1-year high of $50.69. The firm’s 50-day moving average price is $31.66 and its 200 day moving average price is $36.76.

Devon Energy Corp (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corp had a return on equity of 25.21% and a net margin of 13.84%. The firm’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter last year, the company earned $0.06 earnings per share. On average, analysts predict that Devon Energy Corp will post $1.74 EPS for the current year.

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In other news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corp stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the transaction, the director now owns 11,338 shares in the company, valued at $378,122.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.98% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its position in shares of Devon Energy Corp by 3.2% in the first quarter. Nisa Investment Advisors LLC now owns 101,879 shares of the energy company’s stock worth $4,250,000 after buying an additional 3,125 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Devon Energy Corp during the first quarter worth about $116,000. ProShare Advisors LLC increased its position in shares of Devon Energy Corp by 30.9% in the first quarter. ProShare Advisors LLC now owns 140,140 shares of the energy company’s stock worth $5,847,000 after buying an additional 33,097 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in shares of Devon Energy Corp by 25.5% in the first quarter. Glen Harbor Capital Management LLC now owns 20,264 shares of the energy company’s stock worth $845,000 after buying an additional 4,114 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in shares of Devon Energy Corp by 109.2% in the first quarter. Janney Montgomery Scott LLC now owns 63,739 shares of the energy company’s stock worth $2,659,000 after buying an additional 33,273 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

About Devon Energy Corp

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

Analyst Recommendations for Devon Energy Corp (NYSE:DVN)

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