Do Wall Street Analysts Like Devon Energy Stock?

Core Viewpoint - Devon Energy Corporation (DVN) has significantly underperformed the broader market and its sector peers over the past year, despite reporting better-than-expected Q2 results and maintaining a generally positive analyst outlook. Performance Summary - DVN shares have declined 16.5% over the past year, while the S&P 500 Index has increased by nearly 17.4% [2] - Year-to-date, DVN stock is down 2.2%, contrasting with the S&P 500's 17.2% gains [2] - Compared to the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which has declined about 4.4% over the past year, DVN's losses are more pronounced, with a 4.9% dip year-to-date [3] Financial Results - For Q2, DVN reported an adjusted EPS of $0.84, exceeding Wall Street expectations of $0.83, and revenue of $4.3 billion, surpassing forecasts of $4 billion [4] - Analysts project an 18.5% decline in DVN's EPS for the current fiscal year, estimating it to be $3.93 on a diluted basis [5] Analyst Ratings - Among 28 analysts covering DVN, the consensus rating is a "Moderate Buy," with 18 "Strong Buy" ratings, two "Moderate Buys," and eight "Holds" [5] - The analyst sentiment has improved, with 16 analysts now suggesting a "Strong Buy" [6] - Benchmark Co. analyst Subash Chandra has reiterated a "Buy" rating with a price target of $44, indicating a potential upside of 37.5% from current levels [6] - The mean price target of $44.69 suggests a 39.6% premium to DVN's current price, while the highest target of $70 implies an upside potential of 118.7% [6]