JPMorgan Chase & Co. Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Key Points

• JPMorgan raised Devon Energy’s price target from $65 to $68 and maintained an Overweight rating, implying 60.4% upside from the cited share price of $42.39.
• Analyst sentiment is broadly positive: Devon has a consensus “Moderate Buy” rating and an average price target of $60.61.
• Devon beat quarterly earnings expectations, reporting $1.42 per share versus the $1.33 estimate; revenue rose 66.5% year over year to $6.86 billion.

Devon Energy (NYSE:DVN - Get Free Report) had its target price upped by analysts at JPMorgan Chase & Co. from $65.00 to $68.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 60.40% from the stock's current price.

DVN has been the topic of several other reports. Seaport Research Partners started coverage on Devon Energy in a research note on Thursday, September 3rd. They issued a "buy" rating and a $65.00 target price on the stock. UBS Group upped their price target on Devon Energy from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, October 7th. Citigroup increased their price target on Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a research note on Monday, August 31st. Wells Fargo & Company decreased their price objective on Devon Energy from $65.00 to $64.00 and set an "overweight" rating for the company in a report on Monday, September 28th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $67.00 price objective on shares of Devon Energy in a research note on Tuesday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $60.61.

Devon Energy Stock Performance

Shares of DVN stock traded up $0.18 during trading hours on Monday, hitting $42.39. 8,807,752 shares of the company were exchanged, compared to its average volume of 12,868,575. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $46.63 billion, a price-to-earnings ratio of 10.60, a P/E/G ratio of 1.10 and a beta of 0.43. The firm has a fifty day simple moving average of $48.64 and a 200 day simple moving average of $46.04. Devon Energy has a 52-week low of $33.34 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The business had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.57 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. Devon Energy's revenue for the quarter was up 66.5% on a year-over-year basis. Research analysts predict that Devon Energy will post 5.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Clay M. Gaspar acquired 3,913 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the business's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president owned 72,720 shares in the company, valued at approximately $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Morningstar Investment Management LLC raised its holdings in Devon Energy by 51.1% during the first quarter. Morningstar Investment Management LLC now owns 86,151 shares of the energy company's stock valued at $4,335,000 after acquiring an additional 29,124 shares during the period. Artemis Investment Management LLP boosted its stake in shares of Devon Energy by 103.8% in the third quarter. Artemis Investment Management LLP now owns 1,465,225 shares of the energy company's stock worth $67,459,000 after acquiring an additional 746,360 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Devon Energy in the second quarter worth about $33,504,000. Illinois Municipal Retirement Fund grew its position in shares of Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock worth $9,801,000 after purchasing an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC grew its position in shares of Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock worth $24,138,000 after purchasing an additional 80,000 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Key Stories Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon reported record oil and total production and highlighted about $2 billion in free cash flow. Management also accelerated share repurchases and outlined a 2027 plan targeting 5%–10% annual free-cash-flow-per-share growth, signaling confidence in future cash generation. Devon Energy Q3 2026 earnings call highlights
• Positive Sentiment: Third-quarter results included $1.0 billion in net earnings, while the company completed a $617 million share-repurchase tranche. Buybacks can support per-share results and return capital to shareholders. Devon Energy earnings and buyback
• Positive Sentiment: Truist raised its price target to $62 and maintained a Buy rating, reinforcing a bullish analyst view.
• Neutral Sentiment: Activist shareholder TCIM has urged Devon to sell the company, and management is open to considering takeover proposals. A deal could offer upside, but no transaction is assured. Devon Energy takeover proposals
• Negative Sentiment: Several firms trimmed price targets: Morgan Stanley cut its target to $64 while keeping an Overweight rating, and Susquehanna lowered its target to $60 but retained a Positive rating. The adjustments suggest some caution even as both firms remain constructive.

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market.

Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins.

The company's portfolio has evolved through acquisitions and asset sales over its history.

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