2024-03-22 16:08:56 ET
It may not climb as high as previously thought, but there's still ample room for Devon Energy (NYSE: DVN) stock to run, according to Stifel analyst Derrick Whitfield. Whitfield now thinks that shares of the exploration and production company could rise to $65 (down from $75) over the next 12 months or so. That lowered price target represents a 34% upside from Friday's closing price.
Despite Whitfield's reduced estimate, energy investors may still want to power their portfolios with this leading upstream energy stock .
According to Thefly.com, Whitfield's downgrade is a reaction to Devon Energy's fourth quarter 2023 financial results and the company's 2024 outlook. In Q4 2023, Devon Energy reported revenue of $4.15 billion, representing a 3.6% year-over-year decline. Devon Energy projects daily production of 640,000 to 660,000 barrels of oil equivalent (BOE). At the midpoint of guidance (daily production of 650,000 BOE), there would be a decline from the daily production of 658,000 BOE reported in 2023.
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1 Wall Street Analyst Thinks Devon Energy Stock Is Going to $65. Is It a Buy Around $48?