Devon Energy Corporation (NYSE:DVN) is included among the 10 Best Long Term Low Risk Stocks to Buy According to Hedge Funds.
On May 8, Jefferies upgraded Devon Energy Corporation (NYSE:DVN) to Buy from Hold
It raised its price target on the stock to $62 from $53. The firm said pullbacks in the front end of the oil curve were creating opportunities for investors. The analyst also noted that Devon has several catalysts that could support both absolute and relative outperformance after the close of the Coterra merger.
The research note added that attracting long-only capital may require a sharper focus on durable core assets. Jefferies also said selling non-core assets, especially the Marcellus position, could help eliminate debt and improve returns. On May 15, Evercore ISI analyst Chris Baker resumed coverage of Devon Energy with an In Line rating and a $54 price target.