Piper Sandler has increased its price target for Devon Energy (DVN, Financial) from $54 to $56 while maintaining an Overweight rating on the stock. This adjustment comes in light of Devon Energy's recent announcement of a business optimization strategy aimed at boosting its free cash flow by $1 billion by the end of 2026.
The company anticipates achieving 30% of its cash flow improvement target by the end of 2025, ensuring that its fiscal year 2025 guidance remains unchanged. Additionally, Devon Energy projects annual cost savings of $600 million by fiscal year 2026, further enhancing its financial efficiency and growth prospects.
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 $45.16 with a high estimate of $66.00 and a low estimate of $32.00. The average target implies an upside of 44.73% from the current price of $31.20. 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 58.94% from the current price of $31.2. 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.
