Devon Energy

DVN · NYSE

$50.38−$0.54 (−1.06%)TodayMarket closed · Oct 20, 7:45 PM ET

Prev close $50.92

DVN analyst rating

BuyConsensus of 22 analysts over the last 12 months. 86% rate it a buy.

Strong buy1
Buy18
Hold3
Underperform0
Sell0

12-month price target · 30 analysts

Average $60.90 (+20.9% upside)

Low: $39.39
Now: $50.38
High: $71.40

Upgrades and downgrades

The latest rating actions, newest first

DVN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Mizuho	Oct 16, 2026	Maintains	Outperform	$68.00 → $65.00	60%
Scotiabank	Oct 15, 2026	Initiates	Sector Outperform	$61.00	59%
Morgan Stanley	Oct 15, 2026	Maintains	Overweight	$63.00 → $65.00	66%
Barclays	Oct 9, 2026	Maintains	Overweight	$58.00 → $60.00	53%
UBS	Oct 7, 2026	Maintains	Buy	$63.00 → $65.00	55%
Truist Securities	Oct 7, 2026	Maintains	Buy	$65.00 → $61.00	63%
JP Morgan	Oct 2, 2026	Maintains	Overweight	$60.00 → $65.00	52%
Wells Fargo	Sep 28, 2026	Maintains	Overweight	$65.00 → $64.00	78%
Raymond James	Sep 14, 2026	Maintains	Strong Buy	$64.00 → $67.00	62%
UBS	Sep 14, 2026	Maintains	Buy	$55.00 → $63.00	55%

The case for and against

Updated Oct 14, 2025

Bull case

Devon Energy's stock outlook is bolstered by its reported net proved reserves of 2.2 billion barrels of oil equivalent and robust average net production of approximately 848,000 barrels of oil equivalent per day, with a favorable production mix of 73% oil and natural gas liquids. The company's proactive adjustments to its capital expenditures (capex) and operating expenses (opex), along with projected interest cost savings of about $100 million in FY27, indicate a well-managed approach to financial performance. Additionally, the implementation of a business optimization plan aims to enhance free cash flow (FCF) by $1 billion by the end of 2026, demonstrating a strategic focus on unlocking shareholder value through operational efficiencies.

Bear case

Devon Energy's stock outlook is negatively impacted by the potential for a prolonged period of depressed oil prices, which could hinder its ability to accelerate operations in the Delaware Basin and yield disappointing results in the Power River Basin. Despite an increase in projected free cash flow estimates for FY26 and FY27, the company's reinvestment rate is projected to drop, reflecting concerns about sustainability and cash management, with maintenance spending falling to 63% of strip cash flow from previous higher rates. This combination of external market risks and internal operational challenges suggests a restrained growth trajectory for Devon Energy in the near term.

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