Crude oil (WTI) is climbing by 1.23% to $48.67 per barrel this afternoon and Brent crude is gaining by 0.7% to $48.69 per barrel.
The price of the commodity is higher today ahead of U.S. crude inventory data, which is expected to show a reduced supply overhang, Reuters reports.
Commercial crude stockpiles in the U.S. likely declined by about 2.5 million barrels to 538.8 million last week, according to a Reuters poll.
The American Petroleum Institute will release data later today, while figures from the Energy Information Administration are due out tomorrow.
Additionally, Barclays raised its price target on the stock to $38 from $34 and maintained its "overweight" rating earlier today.
The higher price target comes after the firm hosted five days of investor meetings for the company last week.
"We believe improved asset quality and execution should lead to multiple expansion. The 20%-25% discount should narrow/disappear as Devon delivers top-tier returns and its balance sheet improves," Barclays wrote in a note.
"The $6 billion Eagle Ford acquisition (from GeoSouthern in Nov. 2013) and the $1.9 billion STACK acquisition (from Felix) announced in December 2015, combined with 500,000 acres in the Delaware, provides Devon with some of the best assets in three top-tier unconventional plays," the firm added.
Devon is an Oklahoma City-based energy company.
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