Devon Energy Corp Received its Third Buy in a Row

By Carrie Williams

After BMO Capital and Scotiabank assigned a Buy rating to Devon Energy Corp in the last month, the company received another Buy, this time from RBC Capital. Analyst Gregory Pardy reiterated a Buy rating on Devon Energy Corp (NYSE: DVN) yesterday and set a price target of $53. The company’s shares closed last Friday at $35.82.

According to TipRanks.com, Pardy is a 3-star analyst with an average return of 1.5% and a 46.6% success rate. Pardy covers the Basic Materials sector, focusing on stocks such as Penn West Petroleum Ltd, Approach Resources Inc, and Pengrowth Energy Corp.

Currently, the analyst consensus on Devon Energy Corp is Strong Buy and the average price target is $53.38, representing a 49.0% upside.

In a report issued on May 15, BMO Capital also reiterated a Buy rating on the stock with a $42 price target.

The company has a one year high of $50.69 and a one year low of $32.81. Currently, Devon Energy Corp has an average volume of 4.6M.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Devon Energy Corp. engages in the exploration, development, and production of oil, natural gas and natural gas liquids. It operates through the following geographical segments: U.S., Canada, and EnLink. It develops and operates Delaware Basin; Eagle Ford; Heavy Oil; Baarnett Shale; STACK; Rockies Oil; Marketing and Midstream; and Contractors, Suppliers, and Vendors. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.