Outperforming the 6.3% rise of the S&P 500 so far in 2024, energy specialist Devon Energy (NYSE: DVN) powered 16% higher from the start of the year.

And Biju Perincheril, an analyst at Susquehanna, thinks that there's even more room for the oil and gas producer's stock to run. Perincheril this week raised his price target on shares of Devon Energy by 25% to $65 from $52. Based on the stock's current share price of $52.56, Perincheril's price target implies an upside of 23.7% over the next 12 months or so.

Updating its estimates for the exploration and production niche of the oil industry, Susquehanna foresees companies committing to increasing energy production. This, in part, forms the basis for Susquehanna's upwardly revised price target on Devon Energy, according to financial news website The Fly.

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Source Fool.com