Devon Energy Corporation (NYSE:DVN) received analyst attention this month with updated assessments of its stock. On January 7, Barclays analyst Betty Jiang kept a Hold rating on the shares, maintaining a $40 price target. This target suggests a potential 12% increase from current trading levels.
Also on January 7, Bernstein reaffirmed its Buy rating for Devon Energy. Analyst Bob Brackett revised the firm's price target downward from $48 to $42. Brackett cited expectations of short-term price pressure in the oil market as the reason for the adjustment. Despite this near-term caution, Bernstein expressed optimism about the long-term strength of the oil sector.
Earlier, on December 31, Roth Capital analyst Nicholas Pope issued a forecast regarding the company's future production. Pope projected that Devon Energy's 2026 production would slightly exceed its current outlook. However, the analysis indicated that among the company's four main producing assets, the Bakken region is anticipated to show the largest declines during that year.
In his research note to investors, Pope stated that Devon Energy's valuation remains compelling. This assessment is supported by the company's strong generation of free cash flow.
Devon Energy Corporation, incorporated in 1971 and headquartered in Oklahoma City, Oklahoma, operates as an independent energy company. Its activities include the exploration, development, and production of oil, natural gas, and natural gas liquids across the United States.