Wall Street analyst ratings for Devon Energy
Currently, ~71% of Wall Street analysts rate Devon Energy (DVN) as a “buy,” and ~26% of analysts rate it as a “hold.” Around 3% rate the stock a “sell.” The median price target from these recommendations is $44.05, which is ~34% higher than the August 2 closing price of $36.12.
Based on the median price targets of recommendations from Wall Street analysts, other upstream companies like Carrizo Oil & Gas (CRZO), QEP Resources (QEP), and EP Energy (EPE) have potential upsides of ~44%, ~41%, and ~50%, respectively, from their August 2 closing prices.
The SPDR S&P Oil and Gas Exploration & Production ETF (XOP) generally invests at least 80% of its total assets in oil and gas exploration companies, whereas the Vanguard Energy ETF (VDE) invests into the broader energy market.
Devon Energy’s individual recommendations
The above table shows Wall Street analyst forecasts for Devon Energy following its latest earnings release. The most recent recommendation of “Outperform” comes from BMO Capital Markets. BMO Capital Markets assigned Devon Energy the target price of $45, which is ~25% higher than the August 2 closing price of $36.12. BMO Capital Markets didn’t give a target date for this price.
Iberia Capital Partners assigned Devon Energy the lowest target price of $38, which is ~5% higher than the August 2 closing price of $36.12. Iberia Capital Partners reiterated its DVN recommendation on August 2 and expects DVN to hit the target price within the next 12 months.