Devon Energy Corporation (NYSE:DVN) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Devon Energy, with 22 buy, two strong-buy, and five hold ratings among 29 firms. The average 12-month price target is $59.23, above the reported $48.08 share price.
• Devon reported strong quarterly results, posting adjusted EPS of $1.57 versus the $1.40 consensus and revenue of $7.42 billion, up 73.1% year over year. Seaport Research Partners initiated coverage with a buy rating and a $65 target.
• The company declared a quarterly dividend of $0.32 per share, equivalent to $1.28 annually and a 2.7% yield. Shares trade at a relatively low P/E ratio of about 11.4, though the stock has risen 16.5% since its latest earnings report and is near its 52-week high.

Shares of Devon Energy Corporation (NYSE:DVN - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twenty-nine research firms that are currently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, twenty-two have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $59.2340.

A number of research firms have recently issued reports on DVN. Morgan Stanley dropped their price target on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Citigroup lifted their price objective on shares of Devon Energy from $65.00 to $67.00 and gave the company a "buy" rating in a report on Monday, August 31st. BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a research note on Wednesday, June 10th. Finally, Seaport Research Partners initiated coverage on Devon Energy in a report on Thursday. They set a "buy" rating and a $65.00 target price for the company.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: Seaport Global upgraded Devon to Buy, citing the company’s strong second-quarter 2026 results and continued operating potential. The company reported adjusted EPS of $1.57, above the $1.40 consensus estimate, while revenue of $7.42 billion significantly exceeded expectations and rose 73.1% year over year. Devon Energy stock gains on Seaport Global buy rating and strong Q2 2026 earnings
• Positive Sentiment: Options activity signals increased bullish interest. Traders purchased 47,557 Devon call options, approximately 21% above typical call volume. While options activity is not a fundamental indicator, the elevated call buying may support near-term momentum and suggests some traders are positioning for further gains.
• Positive Sentiment: Goldman Sachs continues to view Devon as an attractive energy dividend opportunity. Goldman highlighted Devon alongside other energy dividend stocks that may still offer upside despite the sector’s strong rally. Brent crude above $95 per barrel and continued strength in the energy sector provide a supportive backdrop for Devon’s oil and gas earnings and shareholder returns. Goldman’s Energy Dividend Picks: Why Devon and HF Sinclair Still Offer Upside
• Neutral Sentiment: Post-earnings momentum remains a focus for investors. Devon is up 16.5% since its latest earnings release, prompting analysis of whether earnings estimates can support additional gains. Its relatively low valuation, including a price-to-earnings ratio near 11, supports the value case, but the stock’s proximity to its 12-month high may limit immediate upside. Devon Energy up 16.5% since last earnings report

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 4.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. LSV Asset Management grew its holdings in Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock worth $29,289,000 after purchasing an additional 354,500 shares during the last quarter. Kimmeridge Energy Management Company LLC boosted its position in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. Morningstar Investment Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth $2,089,000. Illinois Municipal Retirement Fund grew its stake in Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock worth $9,801,000 after buying an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC grew its stake in Devon Energy by 20.0% during the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock worth $24,138,000 after buying an additional 80,000 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $48.08 on Friday. The company has a market cap of $52.89 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.31 and a beta of 0.37. Devon Energy has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm's fifty day moving average is $44.79 and its two-hundred day moving average is $45.78.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. During the same period in the prior year, the company earned $0.84 EPS. The business's revenue was up 73.1% compared to the same quarter last year. As a group, analysts anticipate that Devon Energy will post 5.24 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's payout ratio is presently 30.40%.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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