Wall Street Just Got More Bullish on This High-Yield Energy Stock
A Citi analyst recently upgraded his price target on high-yield energy stock Devon Energy (NYSE: DVN) from $52 to $55, signaling a potential 13.6% upside. Coupled with the current 5% dividend yield, this presents a promising opportunity for investors. Here's a look at what makes Devon Energy such an attractive stock for Wall Street and retail investors.
The upgrade is interesting because it highlights the improvements in Devon Energy's assets, notably its natural gas assets. This is often overlooked when investors assess the stock. It shouldn't be because Devon has sizable gas reserves, and the collapse in the price of gas is a big reason for the decline in the company's dividend in 2023.
The company has a lot of proved developed and undeveloped reserves in gas and natural gas liquids.
Source Fool.com
