RBC Capital’s Outlook for This Canada’s Energy Sector Company

In a report issued on March 16, Scott Hanold from RBC Capital maintained a Hold rating on Devon Energy (DVN), with a price target of $13.00. The company’s shares closed last Monday at $6.46, close to its 52-week low of $6.36.

According to TipRanks.com, Hanold has 0 stars on 0-5 star ranking scale with an average return of -16.6% and a 30.1% success rate. Hanold covers the Basic Materials sector, focusing on stocks such as Centennial Resource Development, Southwestern Energy, and Matador Resources.

Currently, the analyst consensus on Devon Energy is a Moderate Buy with an average price target of $21.50, implying a 182.9% upside from current levels. In a report issued on March 16, Goldman Sachs also upgraded the stock to Hold with a $10.00 price target.

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The company has a one-year high of $35.39 and a one-year low of $6.36. Currently, Devon Energy has an average volume of 8.3M.

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.

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