Barclays raises Devon Energy target to $59 and Diamondback to $223

what happened

Barclays kept its Overweight rating on Devon Energy and raised its price target from $57 to $59, a 3.5% increase. TradingView, citing data from Benzinga, notes that the new target implies a 27.6% upside from the November 12 close of $46.23.

For Diamondback Energy, Barclays also maintained Overweight and increased its target from $221 to $223, a 0.9% rise. That level implies 22.4% upside from the November 12 close of $182.20.

The same data shows that over the past 30 days, five recent analyst notes on Devon Energy carried targets between $44 and $68, while those on Diamondback Energy ranged from $192 to $263. On November 12, Bernstein downgraded Devon Energy to Market Perform with a $44 target and Diamondback Energy to Market Perform with a $192 target.

why it matters

For the market, these revisions are routine: they reflect one bank's view on two US oil and gas producers rather than an event affecting the whole sector. The wider spread of price targets across brokers is more telling, and it is visible for both Devon and Diamondback.

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