Bank of America Securities analyst Kalei Akamine maintained a Buy rating on Devon Energy (DVN – Research Report) yesterday and set a price target of $42.00.
Kalei Akamine has given his Buy rating due to a combination of factors that highlight Devon Energy’s strategic decisions and financial performance. Devon Energy has chosen not to reduce its operational activities despite the uncertain oil market outlook, which sets it apart from other energy producers. The company has increased its oil production guidance and reduced its capital expenditures, demonstrating strong operational efficiency and cost management.
Additionally, Devon Energy has successfully monetized assets, adding significant value that was not previously reflected in its share price. The company’s business improvement plan aims to enhance free cash flow significantly by the end of 2026, with substantial progress expected by the end of 2025. These strategic moves, combined with a favorable market reception to its decision to maintain activity levels, underpin Akamine’s positive outlook and Buy rating for Devon Energy.
In another report released on April 23, Piper Sandler also maintained a Buy rating on the stock with a $56.00 price target.
DVN’s price has also changed moderately for the past six months – from $40.020 to $30.590, which is a -23.56% drop .