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Analyzing Devon Energy's Performance in 2Q17

PART:
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Part 8
Analyzing Devon Energy's Performance in 2Q17 PART 8 OF 8

Devon Energy: Analysts’ Ratings after Its 2Q17 Earnings

Recommendations

As of August 2, 2017, 41.2% of the analysts covering Devon Energy (DVN) gave “buy” recommendations. As of August 2, 34 analysts provided recommendations on Devon Energy. Eight analysts rated it as a “strong buy,” 14 analysts rated it as a “buy,” and 12 analysts rated it as a “hold.” No analysts gave a “strong sell” or “sell” recommendation for Devon Energy stock.

Devon Energy: Analysts&#8217; Ratings after Its 2Q17 Earnings

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Target price

Wall Street analysts’ recommendations have a median target price of $40.00, which is ~20% higher than the closing price of $33.40 on August 2, 2017.

From these recommendations, the mean target price for Devon Energy stock is $41.14, which is higher than the median target price.

Recommendation changes

After Devon Energy’s 2Q17 earnings, all of the analysts’ recommendations stayed the same. After its 2Q17 earnings, Devon Energy’s median target price remained unchanged, while its mean target price fell from $42.58 to $41.14.

In the most recent target price change, Barclays raised the target price for Devon Energy ~13% to $35.

Other oil and gas producers

Based on the mean target prices from analysts’ recommendations, RSP Permian (RSPP) and Diamondback Energy (FANG) have potential upsides of ~41% and ~23%, respectively, from their closing prices on August 2. Energen (EGN) has a potential upside of ~21%. RSP Permian, Diamondback Energy, and Energen all have operations in the Permian Basin.

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3x Shares (DRIP) is a leveraged inverse ETF that invests in oil and Gas exploration and production companies.

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