Devon Energy (NYSE:DVN) Price Target Raised to $53.00 at Argus

Key Points

• Argus raised its price target on Devon Energy from $51 to $53 while keeping a Buy rating, implying about 15% upside from the current share price.
• Other analysts remain broadly bullish on DVN, with multiple firms recently lifting targets and the stock carrying a Moderate Buy consensus and an average target price of $58.74.
• Devon shares traded at $45.95 on Wednesday, and the company recently reported mixed quarterly results, missing EPS and revenue expectations even as profitability remained solid.

Devon Energy (NYSE:DVN - Get Free Report) had its price target upped by equities researchers at Argus from $51.00 to $53.00 in a report issued on Wednesday,MarketScreener reports. The firm currently has a "buy" rating on the energy company's stock. Argus' price target would indicate a potential upside of 15.35% from the company's current price.

A number of other research firms have also commented on DVN. Wells Fargo & Company raised their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Piper Sandler increased their price target on Devon Energy from $59.00 to $67.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Evercore raised Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective on the stock in a research note on Wednesday. Roth Mkm restated a "buy" rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Finally, Wolfe Research raised their target price on Devon Energy from $64.00 to $65.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus target price of $58.74.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $1.88 during midday trading on Wednesday, reaching $45.95. 2,809,326 shares of the company traded hands, compared to its average volume of 13,892,123. The company has a market cap of $28.55 billion, a price-to-earnings ratio of 12.80 and a beta of 0.37. The stock has a 50-day moving average price of $47.32 and a 200 day moving average price of $42.93. Devon Energy has a 52 week low of $31.45 and a 52 week high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the company earned $0.82 EPS. The business's quarterly revenue was down 14.5% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy will post 4.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company's stock.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock valued at $233,953,000 after buying an additional 6,097,658 shares during the period. Panagora Asset Management Inc. increased its stake in shares of Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock worth $132,206,000 after acquiring an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC raised its holdings in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after acquiring an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company's stock valued at $260,692,000 after purchasing an additional 2,485,603 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Devon Energy

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

• Positive Sentiment: Devon Energy highlighted stronger combined-company production after the Coterra merger, with 2026 output expected to average 1.38 million boe/day, supporting higher scale and cash generation. Reuters article
• Positive Sentiment: The company reiterated a shareholder-friendly capital return plan, including up to 70% of free cash flow returned via dividends and share repurchases, which could support the stock. Yahoo Finance article
• Positive Sentiment: Devon said it expects $1.0 billion in annual pretax synergies by the end of 2027, suggesting meaningful cost savings from the merger. Yahoo Finance article
• Positive Sentiment: Analyst sentiment turned more constructive, with JPMorgan reinstating DVN at Overweight and a $62 target, and Barclays also assigning a Buy rating. JPMorgan article
• Neutral Sentiment: Devon also provided detailed 2026 guidance for spending, hedging, and tax rates; these numbers give investors more visibility but are not clearly a catalyst by themselves. GlobeNewswire release
• Negative Sentiment: Despite the upbeat outlook, the company is guiding to heavy capital spending and still faces commodity-price, integration, and execution risks, which may be weighing on the shares. Updated outlook article

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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