In a report released today, Gabriele Sorbara from Siebert Williams Shank & Co reiterated a Buy rating on Devon Energy (DVN – Research Report), with a price target of $58.00.
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Gabriele Sorbara has given his Buy rating due to a combination of factors including Devon Energy’s strong fourth-quarter results and improved outlook for 2025. The company reported better-than-expected oil production and financial performance, with a notable increase in EBITDA and free cash flow in line with expectations. Additionally, Devon Energy has announced an increase in its quarterly base dividend and reaffirmed its commitment to return up to 70% of free cash flow to shareholders, prioritizing buybacks over variable dividends.
Furthermore, the company’s 2025 guidance indicates higher production levels with reduced spending compared to previous estimates, reflecting operational efficiency. The first-quarter 2025 capital expenditure guidance is also more favorable than anticipated, suggesting conservative predictions that could be exceeded. These strategic initiatives and strong financial execution underpin Sorbara’s positive outlook on Devon Energy and justify the Buy recommendation.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $54.00 price target.