Read How Analysts Reacted To Devon Energy's RimRock Transaction

  • Mizuho Securities analyst Vincent Lovaglio raised the price target for Devon Energy Corp DVN to $94 (an upside of 28%) from $92, reflecting the $865 million Rim Rock acquisition.
  • The analyst states that the transaction adds 15kboed and 38k net acres to the company's existing 48kboed and 85k net acre Bakken position at ~4x free cash multiple on the next twelve-month strip.
  • Lovaglio adds that the balance sheet strength has enabled DVN to differentiate itself on cash return.
  • This all-cash deal is another means of delivering value from a position of strength, enabling a 13% regular dividend increase while extending plateau production from a legacy position, mentions the analyst.
  • Yesterday, a few other analyst firms raised the price on DVN after the acquisition announcement.
  • Stifel analyst Derrick Whitfield raised the price target to $93 (an upside of 27%) from $88 while maintaining a Buy rating on the shares.
  • Raymond James analyst John Freeman raised the price target to $102 (an upside of 39%) from $90 while maintaining the Strong Buy rating on the shares.
  • Credit Suisse analyst William Janela raised the price target to $82 (an upside of 12%) from $75 while maintaining the Outperform rating on the shares.
  • Truist analyst Neal Dingmann raised the price target to $103 (an upside of 40%) from $100 while maintaining the Buy rating on the shares.
  • Piper Sandler analyst Mark Lear raised the price target to $94 (an upside of 28%) from $89 while maintaining the Overweight rating on the shares.
  • Price Action: DVN shares are trading lower by 5.72% at $73.40 on the last check Friday.
  • Photo Via Company

Posted In: BriefsNewsPrice TargetAnalyst Ratings

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.