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Investing.com - Benchmark has reiterated its Buy rating on Devon Energy (NYSE:DVN) with a price target of $44.00. According to InvestingPro data, the company, currently valued at $21.8 billion, appears undervalued based on its Fair Value analysis. Devon Energy has maintained dividend payments for 33 consecutive years, demonstrating strong financial stability.
The research firm maintained its positive outlook on the oil and gas producer in a note issued to investors on Friday.
Benchmark analyst Subash Chandra slightly adjusted the second-quarter EBITDA estimate for Devon Energy to $1.752 billion from a previous estimate of $1.754 billion.
The minor adjustment was based on mark-to-market commodity prices and differentials, according to the research note.
The current consensus estimate for Devon Energy’s second-quarter EBITDA stands at $1.773 billion, slightly higher than Benchmark’s revised projection.
In other recent news, Devon Energy Corporation reported its first-quarter 2025 earnings, surpassing analyst expectations with earnings per share (EPS) of $1.21 compared to a forecast of $1.17. The company’s revenue also exceeded projections, reaching $4.45 billion against an expected $4.34 billion. Additionally, Devon Energy announced the results of its 2025 Annual Meeting of Stockholders, where all ten nominees for the Board of Directors were elected, and KPMG LLP was ratified as the independent auditor for the fiscal year 2025. In analyst updates, Citi reaffirmed its Buy rating for Devon Energy with a price target of $43, citing confidence in the company’s long-term prospects and a $1 billion optimization plan. Raymond (NSE:RYMD) James maintained its Outperform rating with a $40 price target, noting Devon’s improved guidance for 2025 and strategic divestiture of its interest in the Matterhorn Pipeline for approximately $375 million. Meanwhile, JPMorgan reiterated a Neutral rating with a $40 target, highlighting Devon’s $1 billion business optimization plan and ongoing strategic review. These developments reflect Devon Energy’s ongoing efforts to optimize operations and enhance financial performance in a challenging market environment.
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