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The average of price targets set by Wall Street analysts indicates a potential upside of 31.4% in Devon Energy (DVN). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Zacks.com users have recently been watching Devon Energy (DVN) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
The S&P 500 (^GSPC -1.71%) is up 22.8% over the last year as megacap growth and value stocks have led the index to new heights. With valuations stretched in many top names, some investors may want to put new capital to work in out-of-favor companies.
Devon Energy (DVN -2.75%) has rebuilt its oil and gas resource portfolio over the years into one that can generate a lot of cash. It accelerated that transition in late 2020 when the company agreed to a merger of equals with WPX Energy to create a leading oil and gas producer focused on generating free cash flow and returning money to shareholders.
The oil industry can be a good place to collect some dividend income. Many oil companies produce a lot of cash, giving them money to drill more wells and return cash to shareholders via dividends and stock buybacks.
Devon Energy (DVN -0.28%) had very humble beginnings. In 1971, oil industry veteran John Nichols and his son Larry founded the company.
Despite an upgrade, FY '25's outlook shows minimal production growth and limited capex guidance upside for FY '25. So higher volumes are unlikely to be a source of upside for the stock. A mixed commodities price outlook suggests a ~13% headwind impact on DVN, which, I believe, will outweigh the impact of efficiency and productivity gains. DVN vs. S&P500 technicals show a murky outlook without a clear directional bias.
DVN reports better-than-expected fourth-quarter earnings and revenues. The company continues to enjoy benefits from its multi-basin assets.
Devon Energy (DVN 7.71%) recently closed the book on a record year. The oil company reported record production volumes in the fourth quarter and full year.