Analysts remain bullish on the stock, with 16 of 31 having a Buy or Strong Buy rating. Another 14 have Hold ratings. At a share price of around $63.50, the upside potential based on a median price target of $78.00 is 22.5%. At the high target of $96.00, the upside potential is 51.2%.
Consensus estimates call for fourth-quarter revenue of $4.29 billion, down about 21% sequentially but 0.04% higher year over year. Adjusted EPS are forecast at $1.75, down 19.6% sequentially and up 25.9% year over year. For the full 2022 fiscal year, Devon is forecast to post EPS of $8.50, up 140.7%, on revenue of $19.43 billion, up 59.2%.
The stock trades at 7.5 times expected 2022 EPS, 8.0 times estimated 2023 earnings of $7.96 and 8.5 times estimated 2024 earnings of $7.46 per share. The stock’s 52-week range is $48.86 to $79.40. Devon pays an annualized dividend of $5.40 (yield of 8.50%). Total shareholder return for the past year was 31.46%.
Livent
Lithium producer Livent Corp. (NYSE: LTHM) has seen its share price rise by about 23% over the past 12 months. Lithium carbonate prices have dropped by around 21% since reaching a peak in mid-November, returning to last August’s price of around $69,600 per metric ton. The November price of around $87,600 was an all-time high for battery-grade lithium. Livent completed a 50% expansion of its production facility in North Carolina during the fourth quarter.
Of 19 analysts covering the stock, 10 have Hold ratings and the rest rate it at Buy or Strong Buy. At a share price of around $24.50, the implied upside based on a median price target of $33.00 is 34.7%. At the high price target of $45.00, the implied upside is 83.7%.
Fourth-quarter revenue is forecast at $239.28 million, up 3.3% sequentially and by 94.7% year over year. Adjusted EPS are forecast at $0.37, down 9.9% sequentially but up from EPS of $0.08 per share in the year-ago quarter. For the full 2022 fiscal year, EPS are forecast at $1.35, up 651.9%, on revenue of $834.29 million, up 98.5%.
Livent stock trades at 18.1 times expected 2022 EPS, 13.3 times estimated 2023 earnings of $1.84 and 11.2 times estimated 2024 earnings of $2.18 per share. The stock’s 52-week range is $18.26 to $36.38. Livent does not pay a dividend. Total shareholder return for the past year was 1.75%.
Originally published at 24/7 Wall St.
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