Why Devon Energy Corporation (DVN) Received Analyst Approval This Week?

We recently published a list of 10 Stocks That Received Analyst Approval This Week. In this article, we are going to take a look at where Devon Energy Corporation (NYSE:DVN) stands against other stocks that received analyst approval this week.

The US market performance in the last week was quite bullish, with the S&P, DOW, and NASDAQ boasting weekly gains of 3.71%, 3.73%, and 3.84% respectively. The week marked the last full week of the outgoing Democratic government, with Donald Trump set to be sworn in early next week.

Just like the last time he became President, Donald Trump is set to make some drastic changes once he takes over. His energy policy and stance on crypto will continue to be of focus for most traders. During the outgoing week, a lot of companies received the backing of Wall Street analysts, among them quite a few energy and automobile companies.

We looked at a few of those companies that received a boost from analysts this week. To come up with the list of 10 stocks that received analyst approval this week, we only considered companies with a market cap of at least $1 billion.

A group of technicians in hazmat suits inspecting a natural gas storage tank.

Devon Energy Corporation (NYSE:DVN)

Devon Energy Corporation is an independent energy company that operates in the U.S. It is involved in the development, exploration, and production of natural gas liquid, oil, and natural gas. DVN was upgraded by Bernstein from Market Perform to Outperform with a target price of $45.

The Bernstein team projected sustainable growth in liquefied natural gas exports from 2024 to 2030. Regardless of a 23% decrease in 3rd quarter earnings, the company is expected to gain 13% in the upcoming fourth-quarter earnings. The firm is highly profitable at current oil price levels which have shot up 8% in the last week alone. Also, the stock is offering an attractive valuation at these levels. It is an attractive option for investors who want to gain exposure to surging energy markets.

Overall, DVN ranks 5th on our list of received analyst approval this week. While we acknowledge the potential of DVN as a leading AI investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as DVN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.