Citigroup Maintains Buy Rating for Devon Energy: Here's What You Need To Know

Citigroup has decided to maintain its Buy rating of Devon Energy DVN and raise its price target from $62.00 to $77.00.

Shares of Devon Energy are trading up 0.81% over the last 24 hours, at $65.65 per share.

A move to $77.00 would account for a 17.29% increase from the current share price.

About Devon Energy

Devon Energy, based in Oklahoma City, is one of the largest independent exploration and production companies in North America. The firm's asset base is spread throughout onshore North America and includes exposure to the Delaware, STACK, Eagle Ford, Powder River Basin, and Bakken plays. At year-end 2021, Devon's proved reserves totaled 1.6 billion barrels of oil equivalent, and net production that year was 572 thousand boe/d, of which oil and natural gas liquids made up 74% of production, with natural gas accounting for the remainder.

About Analyst Ratings

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Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.