Stifel Nicolaus Raises DVN Price Target by 1.5% as Oil and Gas Sector Outperforms

Stifel Nicolaus analyst Derrick Whitfield has raised their price target on Devon Energy (NYSE: DVN) by 1.5% from $65 to $66 on April 23, 2024. The analyst has also maintained their Strong Buy rating on the stock. This adjustment was made in light of strip prices through 2026 and revisions made to production and capital forecasts after discussions with management, according to Whitfield's Q1 2024 preview note on Energy names. Despite elevated valuations, the analyst believes that the oil and gas sector will continue to benefit from macro tailwinds, supporting its outperformance.

In addition to the rating update on Devon Energy, Whitfield made several changes to other names in their portfolio. They raised their price target on Pioneer Natural Resources Co by 16% from $237 to $275, while maintaining a Hold rating. Eog Resources Inc saw a slight decrease in its price target by -2% from $153 to $150, but Whitfield maintained their Strong Buy rating on the stock. Diamondback Energy Inc had its price target raised by 2.2% from $224 to $229, with a Strong Buy rating being maintained. California Resources Corp also saw a 1.5% increase in its price target from $68 to $69, while Northern Oil & Gas Inc had its price target raised by 1.9% from $54 to $55. In both cases, the analyst maintained their Strong Buy rating.

According to data from WallStreetZen, Derrick Whitfield ranks in the top 9% out of 4,560 Wall Street analysts, with an average return of 5.3% and a win rate of 57.5%. They specialize in sectors such as Consumer Defensive and Energy, among others.

Devon Energy Corporation is an exploration company that focuses on hydrocarbons. With operations in various regions, including the Barnett Shale STACK formation in Oklahoma, the Delaware Basin, the Eagle Ford Group, and the Rocky Mountains, Devon Energy is involved in the exploration and production of oil and natural gas. The company also has oil sands operations in Alberta, Canada. Founded in 1971 and headquartered in Oklahoma City, Devon Energy continues to play a significant role in the energy industry.

The consensus forecast among analysts indicates that Devon Energy's upcoming year will deliver earnings per share (EPS) of $7.37. If these predictions hold true, it would represent a 25.8% increase in EPS on a year-over-year basis.

Looking at Devon Energy's performance, the stock price has increased by 16% since its last quarterly report on December 31, 2023. However, on a year-over-year basis, the stock has declined by 3.5%. During this period, Devon Energy has been trailing behind the S&P 500, which has experienced a 22.6% decrease.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.