Devon Energy Shares Dip 2.3% as $0.3B Volume Surges 85.92% and Ranks 361st in Market Activity

Devon Energy (DVN) fell 2.30% on Sept. 5, with a trading volume of $0.30 billion, a 85.92% increase from the previous day, ranking 361st in market activity. The decline followed a Raymond James upgrade, which raised the price target to $46 from $45 while maintaining an Outperform rating. Analysts attributed the adjustment to improved capital efficiency and production performance, with the firm citing Devon’s 2% production and 7% capital expenditure outperformance against estimates.

The upgrade highlighted Devon’s $100 million sequential reduction in 2025 capital spending, driven by operational optimization and anticipated $1 billion in free cash flow growth over three years. Raymond James projected 837,000 barrels of oil equivalent per day in Q3 2025 production, aligning with guidance, and noted a 9%-10% free cash flow yield for 2025-2026, in line with peers. Despite a mixed Q2 2025 earnings report—missing EPS forecasts but exceeding revenue—analysts emphasized Devon’s undervaluation, with a P/E ratio of 7.97x and a 2.7% dividend yield.

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