Devon Energy Corporation Stock Forecast:
The average analyst target price for Devon Energy Corporation over the next 12 months is USD 72.88, and the average analyst rating is Strong Buy. However, Stock Target Advisor’s analysis of the stock is Slightly Bearish, based on 6 positive signals and 8 negative signals. The last closing price for Devon Energy Corporation was USD 51.00, which is -4.21% over the past week, -3.61% over the past month, and -26.82% over the last year.
Analysts Coverage Change:
Bank of America Merrill Lynch (RANK #18) maintains a Neutral rating for Devon Energy Corp., and lowers the target price to $60 from $67 on the company’s stock.
Devon Energy Corp. News:
Devon Energy Corp. has reported strong first-quarter results, surpassing Wall Street estimates for profit and raising its share repurchase program. The company’s success is attributed to the high demand for crude oil and an increase in production in its Eagle Ford assets acquired last year.
Devon Energy Corp reported a production average of 641,000 barrels of oil equivalent per day (boepd) in the first quarter, higher than the 575,000 boepd produced in the same period last year. This increase was driven by the company’s acquisition of Eagle Ford assets, which contributed to a rise in production.
The company also reported adjusted earnings of $1.46 per share for the quarter, exceeding the average analyst estimate of $1.38 per share. However, Devon Energy Corp’s realized price, excluding hedging costs, fell approximately 24% to $46.44 per boepd for the first quarter.
Despite this decline in realized price, Devon Energy Corp’s positive first-quarter results have led to the company increasing its share repurchase program by 50% to $3 billion. This move signals the company’s confidence in its ability to generate returns for shareholders.
Devon Energy Corp’s success in the first quarter is reflective of the overall strength of the shale oil industry, which has seen a resurgence in recent years. The high demand for crude oil has led to increased production, and companies like Devon Energy Corp are capitalizing on this opportunity to drive growth and profitability.