Devon Energy Outlook Upgraded by Wolfe Research

Devon Energy receives a significant upgrade from Wolfe Research with a forecasted price target suggesting a 64.74% upside. This upgrade coupled with projected revenue growth indicates a promising future for the company.

Date: 05-01-2025

AI Rating: 7

Earnings Per Share (EPS)
The projected annual non-GAAP EPS for Devon Energy is reported at 7.44. This strong projection may foster investor confidence, positively impacting stock prices.

Revenue Growth
The projected annual revenue for Devon Energy is 17,297MM, indicating a notable increase of 19.05%. This strong revenue growth is likely to attract investor attention, enhancing the company's market value.

Fund Sentiment
Analyst sentiment has shifted as Wolfe Research upgraded the outlook for Devon Energy from Peer Perform to Outperform, suggesting a more favorable view on the company's future performance. An increase of institutional ownership by 0.20% and a substantial rise in total shares owned by institutions by 8.78% to 571,632K shares reflect growing confidence among institutional investors. This may also draw in retail investors, thereby positively influencing stock prices.

Shareholder Activity
Despite some funds decreasing their portfolio allocations in Devon Energy, the overall increase in shares held by institutions indicates a more robust support base for the company, which can stabilize or elevate its stock price. However, the decreasing allocations by certain major funds like Vanguard Total Stock Market Index Fund and Energy Select Sector SPDR Fund could indicate some level of caution among larger investors.

In summary, the EPS projection, revenue growth, and a favorable rating upgrade support a positive outlook for Devon Energy, which could lead to an increase in its stock price in the near future.

Stocks: DVN