Analysts Just Increased Price Targets of These 5 Stocks

4. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 66

Devon Energy Corporation (NYSE:DVN) has ascended 0.27% as of 12:11 PM ET after the Oklahoma City-based energy exploration, and production (E&P) company received an increase in price target from John Freeman at Raymond James. The analyst raised the price target on Devon Energy Corporation (NYSE:DVN) from $90 to $102, reflecting a potential upside of 30.9% from the previous closing price.

The revision comes a day after the company acquired RimRock Oil and Gas for $865 million. Freeman thinks that the deal will create value for the company with a free cash flow yield of 25% at the current commodity prices. The analyst termed the purchase price as very low. Devon Energy Corporation (NYSE:DVN) made a great deal as the purchase price is only 2.2 times the cash flow expected in the next 12 months.

Devon Energy Corporation (NYSE:DVN) was held by 66 hedge funds as of Q1 2022.