Top 10 Oil and Gas Stocks To Buy According to Analysts

4. Devon Energy Corporation (NYSE:DVN)  

Average Analyst Price Target: $51.85

Upside Potential: 33.74%

Number of Hedge Fund Holders as of Q3: 41

Devon Energy Corporation (NYSE:DVN), established in 1971 and headquartered in Oklahoma City, Oklahoma, is a key player in the U.S. energy sector, specializing in the exploration, development, and production of oil, natural gas, and natural gas liquids.

On September 27, the company completed the $5 billion acquisition of Grayson Mill, significantly expanding its footprint in the Williston Basin. This strategic addition brings 307,000 net acres to Devon’s portfolio and is projected to boost production by 100,000 barrels of oil equivalent per day (BOE/D) by fiscal year 2025.

In its third-quarter earnings, Devon Energy Corporation (NYSE:DVN) reported revenue of $4.02 billion, exceeding the consensus estimate of $3.72 billion. However, adjusted earnings per share came in slightly below expectations at $1.10, compared to the analyst consensus of $1.11. Despite the slight earnings miss, the strong revenue performance underscores the company’s ability to navigate market conditions effectively.

According to 17 Wall Street analysts, Devon Energy Corporation (NYSE:DVN) holds a consensus rating of Moderate Buy. The average price target indicates a potential upside of 33.74%.