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Is Devon Energy on Track to Beat 2Q17 Earnings Estimate?

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Part 9
Is Devon Energy on Track to Beat 2Q17 Earnings Estimate? PART 9 OF 9

Devon Energy: Pre-Earnings Wall Street Ratings

Devon Energy’s recommendations

As of July 25, 2017, 64.7% of the analysts covering Devon Energy (DVN) have given the stock a “strong buy” or “buy” recommendation. As of July 25, 2017, 34 analysts are providing recommendations for DVN stock. Of those, eight have given DVN a “strong buy,” 14 have given it a “buy,” and 12 have given it a “hold.” None of the analysts have recommended a “strong sell” or “sell.”

Devon Energy: Pre-Earnings Wall Street Ratings

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Target price

The above-mentioned Wall Street analysts have given Devon Energy a median target price of $40, which is ~21.0% higher than DVN’s July 25, 2017, closing price of $32.98.

The mean target price for DVN stock from these recommendations is $42.58, which is higher than the median target price.

Changes in recommendations

In the last three months, analysts’ “strong buy” recommendations for Devon Energy have fallen from nine to eight, and “buy” recommendations have fallen from 17 to 14. The “hold,” “sell,” and “strong sell” ratings have remained unchanged.

In the last three months, Devon Energy’s median and mean target prices have both fallen. The median target price has fallen from $51 to $40, and the mean target price has fallen from $53.09 to $42.58.

In the most recent target price change, Jefferies cut DVN’s target price to $36 and gave it a “hold” rating.

Other oil and gas producers

Based on the mean price targets of Wall Street analysts, other oil and gas companies such as Diamondback Energy (FANG), Energen (EGN), and Occidental Petroleum (OXY) have potential upsides of ~27.0%, ~23.0%, and ~7.0%, respectively, from their July 25, 2017, closing prices. RSP Permian (RSPP) has a potential upside of ~42.0%. RSP Permian, Diamondback Energy, and Energen all have operations in the Permian Basin. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) generally invests at least 80.0% of its total assets in oil and gas exploration companies.

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