Devon Energy: Q2 Earnings On Tap, Shares Consolidating With Mid-$60s Oil
Summary
Devon Energy remains undervalued, trading at just 8.2x earnings, below its historical average and sector peers, supporti...
Devon Energy remains undervalued, trading at just 8.2x earnings, below its historical average and sector peers, supporting my continued buy rating. Recent results were mixed: Q1 revenue beat expectations, but EPS missed slightly; production guidance was raised while capex was trimmed. Earnings outlook is muted with a 17% EPS decline expected this year, but longer-term recovery is possible; recent analyst downgrades reflect near-term caution.