Pessimism is too high
and the share price is too low for Devon Energy (DVN
), whose sound strategy, strong balance sheet and shrewd JVs should pay off, Barron's
writes. Nearly two-thirds of its recent output was depressed natural gas, so DVN shares haven't gained as much as some of its peers. Analysts' have an average target price of $92 on the shares, ~40% above their recent level.