Devon Energy (DVN) PT Raised to $57 at Mizuho

Mizuho analyst Nitin Kumar raised the price target on Devon Energy (NYSE: DVN) to $57.00 (from $53.00) while maintaining a Buy rating.

The analyst commented: "Stock Reaction to PR - Positive. After some lackluster earnings in 2023, DVN seems to have righted the ship with a "beat and raise" quarter that is more reminiscent of its track record in 2021-22 when it was one of the best- performing stocks in the S&P 500. The fact that the beat was attributable to improved performance in the Delaware should help allay some of the inventory depth concerns around the investment case. The company returned ~69% of adjusted FCF ($623mm) to shareholders, including ~$205mm of share repurchases and a $0.13/sh variable dividend. We raise our NAV-based price target to $57 from $53 and maintain Buy rating."

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