Devon Energy: Turnaround Underway, Time To Buy (Rating Upgrade)

grandriverI last covered Devon Energy (NYSE:DVN) on Seeking Alpha back on June 14, 2023, “Devon Energy: Limited Upside Near-Term,” rating the stock a “Hold.” In that piece, I used a discounted cash flow (DCF) model to derive a long-term value target of roughly $60 per share for DVN, a little over a 20% premium to the then-current price of the stock. However, given near-term risks and better opportunities in other exploration and production (E&P) stocks at the time, I felt that wasn’t an adequate margin  ...