Energy stocks have been outpacing expectations this year since the onset of the Russia-Ukraine war pumped up the prices of oil & gas. Three analysts have been studying the sector broadly and boast a 100% success rate on their views on these three companies: Enphase Energy (NASDAQ:ENPH), Diamondback Energy (NASDAQ:FANG), and Devon Energy Corp. (NYSE:DVN).
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The demand-supply imbalance triggered by the OPEC+ embargo has led to an unprecedented surge in oil demand. Hence, most energy companies are witnessing surreal financial gains accompanied by stock price gains. Let’s look at each of these oil and gas majors and the related analysts’ views on them.
Enphase Energy (NASDAQ:ENPH)
Enphase Energy provides energy management technology solutions for the solar photovoltaic industry worldwide. Recently, Enphase Energy reported Q3FY22 results that beat earnings expectations.
Analyst Eric Stine of Craig-Hallum has given a mix of Buy and Hold calls on ENPH stock since 2018. Except for three Hold calls between October 2020 and October 2021, all of his calls are a Buy.
Notably, Stine’s views have generated a massive 129.07% average return per call. Meanwhile, ENPH stock has exploded 65.5% so far this year.
What Is the Target Price for ENPH?
On TipRanks, the average Enphase Energy price target is $320.73, which implies 5.1% upside potential to current levels. Also, ENPH stock commands a Strong Buy consensus rating based on 13 Buys and four Hold ratings given by analysts during the past three months.
Diamondback Energy (FANG)
Diamondback Energy engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves. FANG stock has gained 44.8% year to date.
Analyst Vincent Lovaglio of Mizuho Securities has been highly optimistic about Diamondback Energy since July 2020 and has given all Buy recommendations on the stock to date. The five-star analyst’s views have generated an impressive 43.69% average return per call.
Is FANG a Good Stock to Buy?
With 12 Buys and two Hold ratings, FANG stock has a Strong Buy consensus rating. On TipRanks, the average Enphase Energy price forecast of $179 implies 16.4% upside potential to current levels.
Devon Energy Corporation (DVN)
Devon Energy is an independent oil and natural gas exploration and production company with a focus on onshore operations in the U.S. Amid the oil price surge, DVN stock has zoomed 76.4%, year-to-date.
Analyst John Freeman of Raymond James has given consistent Buy calls on DVN stock since March 2020. Notably, his views have generated a humongous 133.26% average return per call on Devon Energy. Remarkably, analysts expect Devon’s Q3FY22 earnings per share to nearly double in the results slated for November 1.
What Is the Price Target for Devon Energy?
On TipRanks, the average Devon Energy price target of $82.71 implies 8.81% upside potential to current levels. Moreover, analysts have a Moderate Buy consensus rating on DVN stock based on seven Buys versus seven Holds.
Ending Thoughts
It is not surprising that analysts are making bullish bets on the energy sector with all the macro variables pointing to a continued uptrend. Investors may wish to follow an analyst’s views to make informed investment decisions. Notably, TipRanks accumulates the recommendations of several Top Experts, which can be considered while making investment choices to maximize returns.
