Analyst Forecast Lowered to $65 for Devon Energy Stock: Still a Buy Opportunity at $48?

Friday, 22 March 2024, 20:08

Despite a lower price target, Stifel analyst Derrick Whitfield believes Devon Energy stock has room to grow, projecting a potential 34% upside from the current price. The company's financial outlook may face challenges, but its dividend yield and financial strength make it a compelling investment option for passive income. Find out why investors should consider adding Devon Energy to their portfolios.
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Analyst Forecast Lowered to $65 for Devon Energy Stock: Still a Buy Opportunity at $48?

Whitfield's Reduced Price Target and Analyst Opinion

Analyst Derrick Whitfield adjusts Devon Energy's price target to $65 from $75, indicating a 34% upside from the current price of $48.

Impact of Q4 2023 Financial Results

Devon Energy's Q4 2023 revenue decline and outlook for 2024 production raises concerns, despite valid investor reasons to consider the stock.

Dividend Yield and Financial Strength

Devon Energy's 5% dividend yield, strong balance sheet rated by Moody's and S&P, and low forward earnings valuation present investment opportunities.

Should You Invest Now?

Consider potential returns from other top stocks recommended by Stock Advisor analysts, and the service's track record compared to the S&P 500.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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