Devon Energy (DVN) is an oil and gas exploration company based out of Oklahoma. The stock began trending lower at the start of the year, but found support in August, and shares have trended higher over the last six weeks. The valuation on DVN is very attractive, with a P/E of just 8.2, and earnings are expected to rise 19.8% next year. Analysts expect to see more upside for the stock. DVN is now trading at $36.35, and analysts have set an average price target of $40.71 on the stock, suggesting shares could rise by an additional 12.0%. 11 of the 19 analysts covering the stock give it a “strong buy” rating, so enthusiasm is high, and if oil prices are able to move higher through the remainder of the year, DVN is likely to enjoy big gains as well.
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