Devon Energy (DVN) PT Raised to $48 at Bernstein SocGen Group

Bernstein SocGen Group analyst Bob Brackett raised the price target on Devon Energy (NYSE: DVN) to $48.00 (from $45.00) while maintaining a Outperform rating.

The analyst commented: "DVN’s 4Q24 adjusted EPS beat consensus by 13%, largely driven by higher realized gas price ($1.46 vs. $0.98 cons). The company highlighted record production, cost synergies from Grayson Mill integration, and upside from associated gas (gas revenues expected to more than double yoy). Investors responded positively to 2025 guidance, which includes higher production (+2% vs. prior estimates) while targeting upto 70% FCF return to shareholders. Upstream capex is targeted at $3.65 billion (-$200mn vs. prior guide), with over half allocated to the Delaware and $1 billion commitment to the Rockies. DVN plans to operate 14 rigs in the Delaware while bringing ~265 gross wells online in 2025. We update our model to reflect 2025 production, capex, and cash return guidance and see a PT of $48."

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