January 21, 2023

RBC Capital Reaffirms Their Hold Rating on Devon Energy (DVN)

RBC Capital analyst Scott Hanold maintained a Hold rating on Devon Energy (DVN – Research Report) on January 19 and set a price target of $72.00. The company’s shares closed yesterday at $64.75.

Hanold covers the Utilities sector, focusing on stocks such as Matador Resources, Diamondback, and APA. According to TipRanks, Hanold has an average return of 20.2% and a 59.41% success rate on recommended stocks.

In addition to RBC Capital, Devon Energy also received a Hold from J.P. Morgan’s Arun Jayaram in a report issued on January 11. However, on January 17, BMO Capital maintained a Buy rating on Devon Energy (NYSE: DVN).

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Based on Devon Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $5.43 billion and a net profit of $1.89 billion. In comparison, last year the company earned a revenue of $3.47 billion and had a net profit of $838 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. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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