Devon expects Q3 2026 production between 1,660,000 and 1,690,000 Boe per day
Company sees Q3 oil production between 550,000 and 560,000 barrels per day
Devon expects Q3 capital spending between $1,400 mln and $1,500 mln
Result drivers
Merger integration - Co said rapid integration of Coterra merger drove cost efficiencies and strengthened margins
Delaware Basin performance - Co attributed production outperformance to better-than-expected well performance in Delaware Basin
Strong oil pricing - Co said oil realizations were supported by robust crude benchmark pricing during the quarter
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 25 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Devon Energy Corp is $60.00, about 34.6% above its August 3 closing price of $44.57
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago
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