Goldman Sachs Sticks to Its Buy Rating for Devon Energy (DVN)

In a report released yesterday, Neil Mehta from Goldman Sachs reiterated a Buy rating on Devon Energy, with a price target of $53.00. The company’s shares closed yesterday at $43.16.

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According to TipRanks, Mehta is a 5-star analyst with an average return of 11.5% and a 61.28% success rate. Mehta covers the Energy sector, focusing on stocks such as Exxon Mobil, Occidental Petroleum, and APA.

Devon Energy has an analyst consensus of Strong Buy, with a price target consensus of $59.05, representing a 36.82% upside. In a report released yesterday, Barclays also maintained a Buy rating on the stock with a $62.00 price target.

Based on Devon Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.81 billion and a net profit of $120 million. In comparison, last year the company earned a revenue of $4.45 billion and had a net profit of $494 million

Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of DVN in relation to earlier this year. Last month, Alexander Andrea, the SVP & CHIEF ADMIN OFFICER of DVN sold 18,000.00 shares for a total of $841,320.00.