Devon Energy (DVN) Stock Price: $102 Target And Strong Buy Rating

By Amit Chowdhry ● Jun 16, 2022
  • The shares of Devon Energy Corp (NYSE: DVN) have received a $102 price target from Raymond James. These are the details.

The shares of Devon Energy Corp (NYSE: DVN) have received a $102 price target from Raymond James. And Raymond James analyst John Freeman increased the price target on Devon Energy from $90 while maintaining a “Strong Buy” rating on the shares.

Freeman adjusted the rating after the company had acquired RimRock Oil And Gas for $865 million. And Freeman pointed out that the deal is immediately accretive with a free cash flow yield of 25% at strip pricing and a purchase price at a very low 2.2x next 12 months’ cash flow.

Plus Freeman believes that this is a great deal for Devon Energy.

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