RBC Capital Keeps a Buy Rating on Devon Energy Corp

By Carrie Williams

In a report released today, Scott Hanold from RBC Capital reiterated a Buy rating on Devon Energy Corp (NYSE: DVN), with a price target of $44. The company’s shares closed yesterday at $32.83.

According to TipRanks.com, Hanold is a 3-star analyst with an average return of 2.0% and a 47.3% success rate. Hanold covers the Basic Materials sector, focusing on stocks such as Centennial Resource Development Inc, Jagged Peak Energy Inc, and Range Resources Corp.

Currently, the analyst consensus on Devon Energy Corp is Moderate Buy and the average price target is $46.93, representing a 42.9% upside.

In a report released yesterday, Scotiabank also assigned a Buy rating to the stock with a $50 price target.

Based on Devon Energy Corp’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $4.04 billion and quarterly net profit of $186 million. In comparison, last year the company earned revenue of $3.32 billion and had a net profit of $559 million.

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Devon Energy Corp. engages in the exploration, development and production of oil and natural gas properties. 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, and Rockies Oil. The company was founded by J. Larry Nichols and John W.