Jefferies analyst Mark Lear reiterated a Buy rating on Devon Energy Corp (NYSE: DVN) today and set a price target of $53. The company’s shares closed yesterday at $44.08, close to its 52-week high of $46.54.
According to TipRanks.com, Lear is a 3-star analyst with an average return of 1.8% and a 50.6% success rate. Lear covers the Basic Materials sector, focusing on stocks such as CNX Resources Corporation, Whiting Petroleum Corp, and Jagged Peak Energy Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Devon Energy Corp with a $51.30 average price target, which is a 16.4% upside from current levels. In a report issued on July 9, RBC Capital also reiterated a Buy rating on the stock with a $53 price target.
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Based on Devon Energy Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.85 billion and GAAP net loss of $197 million. In comparison, last year the company earned revenue of $3.13 billion and had a net profit of $420 million.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is neutral on the stock.
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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.
