2024-03-09 12:00:00 ET
Summary
- DVN continues to be undervalued compared to its peers, with a prospective market re-rating likely to bring forth excellent upside potential.
- The management's raised fixed dividends also brought forth expanded forward yields, further demonstrating its shareholder friendly policies, aided by the sustained share retirement.
- We may see DVN offer higher variable dividends in 2024, due to the improved balance sheet and efficient working capital plans, further boosted by the elevated crude oil prices.
- With the stock appearing to be well-supported at $41, we may see a floor materialize here, supporting its intermediate-term investment thesis.
We previously covered Devon Energy ( DVN ) in December 2023, discussing why its inherent undervaluation might be a gift for investors with a long-term investing trajectory, with the potential recovery in the macroeconomic outlook likely to trigger the eventual normalization in its stock valuations and prices....
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For further details see:
Devon Energy: Here Comes The Floor, Expanded Dividend Yields Ahead