On September 15, Devon rose 3.01% in regular trading, trading at $50.90/share, with turnover of $91.65 million. The rally came amid a sharp surge in global crude oil prices driven by escalating Middle East geopolitical risks.
On the news front, US-Iran military confrontation in the Strait of Hormuz intensified, with daily transit volumes reportedly falling to approximately 8 million barrels. Simultaneously, a Saudi east-west oil pipeline was attacked and shut down, removing an estimated 4-5 million barrels per day of transport capacity. A tanker explosion in Omani waters from a mine strike further heightened shipping security concerns. WTI crude surged 7.69% to $104.59/barrel, while Brent climbed 7.98% to $109.29/barrel. US strategic petroleum reserves fell to 285 million barrels, the lowest since 1982.
Additionally, Raymond James raised its price target on Devon from $64 to $67, maintaining a Strong Buy rating, citing an average analyst consensus of Buy with a mean target of $60.55.
Within the Oil and Gas Exploration and Production sector, ConocoPhillips rose 1.69%, EOG Resources rose 2.20%, Apache rose 3.72%, and Canadian Natural Resources rose 1.62%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)