Devon Energy To Bear The Brunt Of Natural Gas Pricing Headwinds In 2Q, Analyst Lowers Estimates
Portfolio Pulse from Nabaparna Bhattacharya
RBC Capital Markets analyst Scott Hanold has reiterated a Sector Perform rating on Devon Energy Corporation (DVN), but lowered the price target to $60 from $63 due to reduced commodity price forecast. The analyst lowered 2Q EPS estimates by $0.49 to $1.18, reflecting lower final benchmark commodity prices and wider price realizations. Hanold expects 2Q capital spending at $985 million, below the midpoint of the guidance and consensus estimates. DVN shares are trading lower by 0.86% to $50.65.
July 13, 2023 | 5:28 pm
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Devon Energy Corporation's price target has been lowered by RBC Capital Markets analyst due to reduced commodity price forecast. The 2Q EPS estimates have also been lowered. The shares are currently trading lower.
The analyst from RBC Capital Markets has lowered the price target for Devon Energy Corporation due to a reduced commodity price forecast. This indicates a bearish outlook for the company, which is reflected in the current trading price of the shares. The lower EPS estimates for 2Q also suggest that the company's financial performance may not meet previous expectations, which could negatively impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100