Raymond James Raises Devon Energy (DVN) PT to $45, Maintains Outperform Rating

Devon Energy Corporation (NYSE:DVN) is one of the most profitable value stocks to buy according to analysts. On July 22, Raymond James increased its price target for Devon Energy to $45 from $40, while maintaining an Outperform rating on the shares. Raymond James expects minimal changes in activity from Devon Energy’s management teams.

In Q1 2025, the company’s oil production reached 388,000 barrels per day, which exceeded the upper limit of its guidance. Devon generated $1 billion in free cash flow during Q1, with nearly half, or $464 million, returned to shareholders through dividends and share buybacks. Specifically, $301 million was spent on share repurchases, contributing to a total buyback program of $3.6 billion.

Devon also announced the expected sale of its interest in the Matterhorn Pipeline for ~$375 million, expected to close in late Q2. For the full year, Devon increased its oil production outlook to 382,000 to 388,000 barrels per day and simultaneously reduced its full-year capital investment by $100 million, setting it at $3.7 billion to $3.9 billion.

Devon Energy Corporation (NYSE:DVN) is an independent energy company that explores, develops, and produces oil, natural gas, and natural gas liquids in the US.

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Disclosure: None. This article is originally published at Insider Monkey.