Royal Bank of Canada Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target decreased by Royal Bank of Canada from $49.00 to $40.00 in a report released on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the energy company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 39.86% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Mizuho reduced their price target on shares of Devon Energy from $49.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Morgan Stanley set a $47.00 price objective on Devon Energy and gave the stock an “overweight” rating in a report on Wednesday, March 26th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday. Raymond James lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Finally, StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.71.

Devon Energy Stock Up 1.3 %

Shares of DVN stock traded up $0.37 during midday trading on Monday, reaching $28.60. 1,614,688 shares of the stock were exchanged, compared to its average volume of 8,360,861. The firm has a market cap of $18.56 billion, a PE ratio of 6.27, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The company’s 50 day moving average is $34.38 and its two-hundred day moving average is $36.13. Devon Energy has a 1 year low of $25.89 and a 1 year high of $54.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. On average, equities research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently made changes to their positions in the stock. Klein Pavlis & Peasley Financial Inc. bought a new stake in shares of Devon Energy in the 4th quarter valued at about $782,000. World Investment Advisors LLC grew its stake in Devon Energy by 3,440.3% during the 3rd quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company’s stock worth $5,846,000 after buying an additional 145,216 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in Devon Energy in the fourth quarter worth about $5,967,000. New York State Teachers Retirement System increased its holdings in shares of Devon Energy by 4.5% during the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company’s stock valued at $24,101,000 after acquiring an additional 31,520 shares in the last quarter. Finally, First Dallas Securities Inc. boosted its stake in Devon Energy by 31.9% in the 4th quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company’s stock worth $1,725,000 after purchasing an additional 12,760 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.