In a report released today, Doug Leggate from Merrill Lynch reiterated a Buy rating on Devon Energy (DVN), with a price target of $16.00. The company’s shares closed last Wednesday at $11.68.
According to TipRanks.com, Leggate is ranked 0 out of 5 stars with an average return of -5.6% and a 41.4% success rate. Leggate covers the Utilities sector, focusing on stocks such as Continental Resources, California Resources, and Occidental Petroleum.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Devon Energy with a $13.53 average price target, a 13.7% upside from current levels. In a report released today, Siebert Williams Shank & Co also reiterated a Buy rating on the stock with a $16.00 price target.
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Based on Devon Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.22 billion and GAAP net loss of $642 million. In comparison, last year the company earned revenue of $2.94 billion and had a net profit of $1.15 billion.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of DVN in relation to earlier this year.
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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. Nichols in 1971 and is headquartered in Oklahoma City, OK.
