Raymond James has revised its price target for Devon Energy (DVN, Financial), lowering it from $46 to $40 while maintaining an Outperform rating on the stock. This adjustment reflects significant changes in the energy market dynamics that were not anticipated when Exploration & Production (E&P) companies disclosed their fourth-quarter results in late February.
Since that reporting period, oil prices have dropped by approximately $10 per barrel, a decline that has impacted the broader energy sector. The unexpected shifts in the oil market landscape, influenced by factors such as trade disputes and decisions by OPEC+, have prompted many industry leaders to adopt a cautious, watchful stance.
Despite these challenges, Raymond James anticipates that Devon Energy and other companies within its E&P sector coverage will deliver performance in line with expectations for the first quarter.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 29 analysts, the average target price for Devon Energy Corp (DVN, Financial) is $45.54 with a high estimate of $66.00 and a low estimate of $32.00. The average target implies an upside of 50.23% from the current price of $30.31. More detailed estimate data can be found on the Devon Energy Corp (DVN) Forecast page.
Based on the consensus recommendation from 31 brokerage firms, Devon Energy Corp's (DVN, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Devon Energy Corp (DVN, Financial) in one year is $49.59, suggesting a upside of 63.61% from the current price of $30.31. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Devon Energy Corp (DVN) Summary page.
