Devon Energy (DVN) Stock Gains on Higher Oil Prices
NEW YORK (TheStreet) -- Shares of Devon Energy (DVN) - Get Report are advancing by 1.45% to $36.42 late Friday morning as oil prices rise.
Crude oil (WTI) is increasing by 1.16% to $49.90 per barrel this morning and Brent crude is higher by by 0.42% to $49.97 per barrel.
Analysts are boosting their oil price outlooks once again, reflecting falling concerns about the crude oversupply, the Wall Street Journal reports.
Investment banks polled by the Journal raised their price forecast for the third straight month in May and projected that Brent crude will average $43 per barrel this year.
Additionally, the 13 banks surveyed see the price of West Texas Intermediate averaging $41 per barrel in 2016 and $55 per barrel in 2017.
Devon Energy is an Oklahoma City-based energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: DVN
