BMO Capital analyst Phillip Jungwirth maintains $Devon Energy (DVN.US)$ with a buy rating, and adjusts the target price from $55 to $48.
According to TipRanks data, the analyst has a success rate of 42.8% and a total average return of 2.9% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Devon Energy (DVN.US)$'s main analysts recently are as follows:
Estimates in the integrated oil and exploration and production group have been revised to account for a reduction in oil price forecasts. Despite the recent sector pullback, there appears to be a favorable risk/reward skew for stocks, given that company fundamentals and operational momentum are assessed to be strong.
The firm has adjusted its expectations for Devon Energy within the context of a larger analysis of the Energy sector. Revisions to the firm's model cover the North American Oil and Gas group, U.S. refiners, and Canadian oilfield services companies. This reassessment comes after observing a significant drop in crude prices in September, with the anticipation that these prices will persist around current levels for the remainder of the year.
The resumption of coverage on Devon Energy acknowledges the strategic depth provided by the Grayson Mill acquisition, which is expected to contribute positively to free cash flow as development activities are refined. The focus remains on the long-term potential of the Delaware area and the outcomes from its core play, with the increased Bakken presence seen as a beneficial move.
Note:
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