Rick Muncrief, the president and chief executive officer (CEO) of Devon Energy (DVN), has announced his retirement from the U.S. oil and gas company.
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Muncrief will also resign from Devon Energy’s board of directors effective on March 1, 2025. He will be succeeded in the CEO role by Clay Gaspar, who is currently Devon Energy’s chief operating officer (COO). Muncrief, age 66, has been CEO of Devon Energy since its 2021 merger with WPX Energy.
Gaspar also assumed his role with Oklahoma City-based Devon Energy following the WPX merger. He will receive a base salary of $1 million plus equity in the company as the new CEO. Under Muncrief’s leadership, Devon Energy has grown its presence in U.S. and foreign oil and natural gas fields.
Growth Through Acquisitions
Devon Energy recently completed its $5 billion acquisition of Grayson Mill Energy’s assets, a deal that significantly grows Devon’s production profile in the Williston Basin that stretches from North Dakota to Montana.
DVN stock has declined 20% this year as crude oil prices have slumped. The company’s shares currently trade right around $35. In late November, U.S. investment bank Morgan Stanley (MS) raised its price target on DVN stock to $52 and reiterated a buy-equivalent overweight rating on the shares.
Is DVN Stock a Buy?
The stock of Devon Energy has a consensus Moderate Buy rating among 18 Wall Street analysts. That rating is based on 10 Buy and eight Hold recommendations made in the last three months. There are no Sell ratings on the stock. The average DVN price target of $50.35 implies 43.32% upside from current levels.
