David Deckelbaum, an analyst from TD Cowen, maintained the Hold rating on Devon Energy (DVN – Research Report). The associated price target remains the same with $45.00.
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David Deckelbaum’s rating is based on a combination of factors including Devon Energy’s recent financial performance and strategic decisions. The company reported a strong fourth quarter with oil production exceeding expectations primarily due to productivity gains in the Delaware region. Additionally, Devon’s EBITDAX surpassed consensus estimates due to lower costs, and the company has made strategic moves such as extending their joint venture in the Anadarko Basin, which could lead to further financial benefits.
Despite these positive aspects, there are factors that may have contributed to the Hold rating. While Devon’s production guidance for 2025 is slightly ahead of consensus, their capital expenditure guidance shows a reduction compared to previous expectations. Moreover, while Devon has increased its return of capital through dividends and share buybacks, the market may have already priced in these improvements. Overall, Devon Energy’s performance suggests stability, justifying a Hold rating by balancing the positive operational achievements with the potential risks and market conditions.