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Devon Energy Corporation, an independent energy company, has seen its stock price target cut by Citigroup from $46.00 to $43.00, maintaining a "buy" rating. The stock currently has a consensus rating of "Moderate Buy" with a target price of $48.17, while institutional investors hold 69.72% of shares. Recently, the company reported earnings of $1.16 per share, surpassing estimates, and had a market capitalization of $19.48 billion.
UBS has lowered its price target for Devon Energy Corporation from $47 to $41 while maintaining a neutral rating. Devon Energy focuses on the exploration and production of oil and natural gas, alongside providing oil and gas services, including pipeline construction and hydrocarbon processing.
Smead Capital Management Inc. increased its stake in Devon Energy by 3.5% in Q3, now holding 5,879,516 shares valued at $230 million. Analysts have mixed ratings on the stock, with a current average rating of "Moderate Buy" and a consensus target price of $48.46. Devon Energy reported strong earnings, exceeding expectations with $1.16 EPS and $4.40 billion in revenue for the last quarter.
Citigroup has lowered its price target on Devon Energy Corporation to $46 from $48 while maintaining a Buy rating. Devon Energy focuses on the exploration and production of oil and natural gas, alongside providing oil and gas services, including pipeline construction and hydrocarbon processing.
JPMorgan Chase & Co. lowered its price target on Devon Energy from $48 to $42, maintaining a "neutral" rating, while Barclays raised its target from $43 to $44 with an "equal weight" rating. Susquehanna increased its target from $50 to $52, giving a "positive" rating. Currently, Devon Energy holds an average rating of "Moderate Buy" with a price target of $48.54, despite mixed analyst opinions and a recent stock price decline of 2.8%. The company also announced a quarterly dividend increase to $0.24, reflecting a yield of 2.84%.
Devon Energy has received several target price adjustments from analysts, with Susquehanna raising it to $52 and Piper Sandler to $55, while StockNews.com upgraded its rating to "hold." The company, which focuses on oil and gas production in the U.S., has a current average rating of "Moderate Buy" and a price target of $48.87. Recently, Banco Santander increased its stake in Devon Energy by 68.9%, reflecting growing institutional interest in the stock.
Devon Energy's stock has seen mixed analyst ratings, with price targets ranging from $48.00 to $62.00. The company reported a quarterly EPS of $1.10, exceeding estimates, and announced a dividend of $0.22, reflecting a 2.32% yield. Institutional investors hold 69.72% of the stock, indicating strong interest.
Cramer highlighted Amphenol as a "terrific stock," while expressing skepticism about Freeport-McMoRan and its copper stocks, stating he doesn"t want to own them. He also questioned the profitability of TransMedics, and while he likes Devon Energy, he believes Coterra is superior.
US companies are leading the energy transition through electric vehicles and renewables, while the Federal Reserve's potential rate cuts could positively impact global equity markets. Despite challenges, firms like Occidental Petroleum and Devon Energy are focusing on debt reduction and operational excellence amid a sluggish energy sector. Meanwhile, AI-driven companies are expected to drive significant growth, with UBS optimistic about the broader market's potential following the 2024 presidential election.
Fervo Energy has made significant advancements in enhanced geothermal technology, tripling peak output per well in just one year through improved drilling techniques. Their cost estimates for energy production are now competitive with solar, wind, and fossil fuels, with a goal to reduce costs to $60-$70/MWh by 2030. The company projects a potential deployment of up to 1,000 GW of electricity capacity by 2050, highlighting the importance of diverse energy sources for grid reliability.
Devon Energy Corporation
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devon energy stock sees institutional investment and analyst price target adjustments
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ubs lowers devon energy price target to 41 maintains neutral rating
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Citigroup lowers Devon Energy price target while maintaining buy rating
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devon energy receives mixed analyst ratings and price target adjustments
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