Devon Energy (DVN) witnessed a surge of 7.76% in intraday trading on Wednesday, as the oil and gas producer's stock rallied on the back of strong fourth-quarter results and positive analyst commentary.

According to reports, Devon Energy exceeded profit estimates in Q4 2024, driven by higher production levels which offset the impact of lower prices. The company's refocused efforts in the Eagleford basin and Bakken region, coupled with the benefits of operating all its Eagleford assets, are expected to provide further tailwinds for capital efficiency and production growth in 2025.

Analysts from various brokerages, including RBC Capital Markets, Truist Securities, and Siebert Williams Shank, have weighed in positively on Devon Energy's performance and outlook. Citing the company's momentum and positioning for execution throughout 2025, several analysts have reiterated their "Buy" or equivalent ratings, with a median price target of $48.24 according to data compiled by LSEG.