BUZZ-Street View: Brokerages cheer Devon Energy's Q4 profit beat
Updates
Oil and gas producer Devon Energy DVN.N beat Q4 profit estimates on Tuesday as higher production helped counter lower prices
Twenty of 31 brokerages rate the stock "buy" or higher, 11 "hold"; their median PT is $48.24 - data compiled by LSEG
DVN up 10.1% on Wednesday to over one-month high of $38.38
EXPECT STRONG TAILWINDS IN 2025
RBC Capital Markets ("Sector Perform", PT: $50) says DVN is seeing momentum from a more consistent program that includes refocused efforts in both the Eagleford basin and Bakken
"We also expect the benefits of DVN operating all of its Eagleford assets should provide capital efficiency and production tailwinds" - brokerage
Truist Securities ("Hold", PT: $42) says DVN has slightly less focus in the Delaware basin in 2025, as expected, with Bakken region production continuing to hold up better
Siebert Williams Shank ("Buy", PT: 58) expects positive Q4 results and 2025 forecast to be well received in today's trading
Says that DVN's management surpassed the high investor expectations for 4Q24 oil production and appears positioned to execute throughout 2025
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