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Median and Mean Target Prices Indicate Upside for Devon Energy

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Jan. 24 2017, Updated 10:38 a.m. ET

Wall Street analysts’ ratings for Devon Energy

Currently, ~21% of Wall Street analysts rate Devon Energy (DVN) as a “strong buy,” ~46% of analysts rate it as a “buy,” and ~33% of analysts rate it as a “hold.” On the bearish side, there are no “sell” or “strong sell” ratings for the stock.

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Rating changes in the last month

The changes in analysts’ recommendations were as follows:

  • “strong buy” recommendations decreased from nine to eight
  • “hold” recommendations increased from ten to 13
  • “sell” recommendations decreased from one to zero

The number of analysts for “buy” and “strong sell” ratings remained unchanged in the last month.

Target prices

The median target price for Devon Energy is $53, which is ~15% higher than the January 20, 2017, closing price of $46.26. In the last month, Devon Energy’s median target price rose from $50 to $53.

The mean target price for Devon Energy is $52.80, which is slightly lower than its median target price, but ~14% higher than the January 20, 2017, closing price of $46.26. In the last month, Devon Energy’s mean target price rose from $51.04 to $52.80.

Other upstream players

Based on the median price targets of recommendations from Wall Street analysts, oil and gas companies Carrizo Oil & Gas (CRZO), Gulfport Energy (GPOR), and Denbury Resources (DNR) have potential upsides of ~30%, ~61% and ~16%, respectively, from their January 20 closing prices. The SPDR S&P Oil and Gas Exploration & Production ETF (XOP) invests at least 80% of its total assets in oil and gas exploration companies, whereas the Energy Select Sector SPDR ETF (XLE) invests at least 95% of its total assets in oil and gas companies.

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