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Devon Energy: Analysts Expect More than 70% Upside

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Dec. 3 2018, Updated 2:25 p.m. ET

Analysts’ estimates

Devon Energy (DVN) might have an upside of 75.1% in the next 12 months based on analysts’ mean target price. With the current downturn in oil prices and the risk of the WTI-WCS (Western Canada Select) spread, which we discussed in the previous part, such a huge upside isn’t likely. With the recovery in the spread, investors might expect a short-term upside momentum in the stock.

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Lower target price 

On November 8, RBC reduced the target price on Devon Energy from $58 to $56. On November 9, Jefferies reduced the target price by $4 to $48. On November 20, Morgan Stanley lowered the target price on Devon Energy from $44 to $39. On November 6, J.P. Morgan increased its target price on the stock to $51 from $50. On November 30, Devon Energy stock closed at $27.03. Four out of the top five institutional holders of Devon Energy have reduced their position in the stock based on their 13F filings.

Devon Energy’s peers

Based on analysts’ mean target price, Devon Energy’s peers including Apache (APA), Diamondback Energy (FANG), Cimarex Energy (XEC), and Anadarko Petroleum (APC) might have an upside of 35.4%, 51.4%, 50.3%, and 60.4%, respectively, over the next 12 months.

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