Devon Energy: Healthy Production Trends And Shareholder-Friendly Moves


  • WTI oil prices continue to hover near $80, while Henry Hub natural gas prices have rallied above $2, offering some hope for Energy E&P stocks.
  • The Energy sector sports relative strength in the stock market so far in 2024, with high free cash flow yield and attractive price-to-earnings multiples across the oil & gas space.
  • I reiterate a buy rating on Devon Energy given an optimistic outlook on production, a strong valuation case, and better share-price momentum trends.
  • With improved momentum compared to much of 2023, I highlight key price levels to monitor.

Worker on top of storage tanks in oil blending factory

Monty Rakusen/DigitalVision via Getty Images

It has been a tale of two markets in the oil & gas space so far this year. While WTI has wobbled in the upper $70s to low $80s lately, Henry Hub natural gas has rallied, clearing the psychologically important $2 mark. All the

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