Morgan Stanley Boosts Devon Energy (NYSE:DVN) Price Target to $59.00

Key Points

• Morgan Stanley raised its price target on Devon Energy to $59 from $46 and kept an "overweight" rating, implying roughly a 17% upside from the prior close.
• Consensus analyst sentiment is positive with an average target of $54.85 (2 Strong Buy, 22 Buy, 7 Hold); several firms have recently adjusted targets, including Truist's $63 buy and Susquehanna's $57 positive rating.
• Devon recently beat quarterly EPS estimates ($0.82 vs. $0.81) and revenue ($4.12B vs. $3.67B); the stock traded at about $50.46, with a market cap near $31.3B and a P/E of 12.1.

Devon Energy (NYSE:DVN - Get Free Report) had its target price lifted by equities researchers at Morgan Stanley from $46.00 to $59.00 in a note issued to investors on Tuesday,MarketScreener reports. The firm currently has an "overweight" rating on the energy company's stock. Morgan Stanley's price objective points to a potential upside of 16.93% from the stock's previous close.

Several other brokerages have also weighed in on DVN. Raymond James Financial upped their target price on shares of Devon Energy from $44.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 11th. Zacks Research upgraded shares of Devon Energy from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Susquehanna upped their target price on shares of Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a research report on Tuesday, April 21st. Truist Financial initiated coverage on shares of Devon Energy in a research report on Tuesday, March 24th. They set a "buy" rating and a $63.00 target price on the stock. Finally, Capital One Financial lowered their target price on shares of Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.85.

Devon Energy Price Performance

DVN traded up $0.98 on Tuesday, hitting $50.46. 1,083,305 shares of the company were exchanged, compared to its average volume of 13,458,603. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The business's fifty day moving average is $46.82 and its 200 day moving average is $40.24. Devon Energy has a fifty-two week low of $29.70 and a fifty-two week high of $52.71. The firm has a market capitalization of $31.34 billion, a P/E ratio of 12.10, a price-to-earnings-growth ratio of 0.83 and a beta of 0.47.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $4.12 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period in the prior year, the business posted $1.10 earnings per share. The firm's revenue for the quarter was down 6.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy will post 5.18 EPS for the current year.

Institutional Trading of Devon Energy

Large investors have recently modified their holdings of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $25,000. First Horizon Corp acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $26,000. Accredited Wealth Management LLC grew its position in shares of Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after purchasing an additional 308 shares during the last quarter. Ameriflex Group Inc. lifted its stake in shares of Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after buying an additional 702 shares during the period. Finally, MV Capital Management Inc. purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $29,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Devon Energy

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

• Positive Sentiment: Zacks added DVN to its Rank #1 (Strong Buy) list on April 29 — a visibility/flow catalyst that can attract retail and quant buyers. New Strong Buy Stocks for April 29th
• Positive Sentiment: DVN was also listed among Zacks’ value-focused Rank #1 picks, highlighting the stock as both a “strong buy” and attractively valued versus peers — another demand tailwind. Best Value Stocks to Buy for April 29th
• Positive Sentiment: Oil-price strength tied to Middle East shipping/supply risk has lifted E&P names; that tailwind plus progress on the all-stock Coterra merger (key HSR waiting period cleared) is prompting constructive positioning ahead of the close. Devon Energy (DVN) rises as oil prices firm and investors focus on pending Coterra merger and upcoming earnings
• Positive Sentiment: Zacks argues Devon has the setup to beat upcoming quarterly estimates (earnings scheduled for May 5), which can generate short‑term upside if results and guidance surprise. Devon Energy (DVN) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
• Positive Sentiment: Scotiabank raised its FY2026/FY2027 EPS estimates for Devon sharply, signaling improved earnings expectations even though the firm retained a cautious rating. Devon Energy Corporation (DVN) - MarketBeat coverage
• Neutral Sentiment: Devon shares recently closed higher while the broader market lagged — a snapshot of the intraday move rather than a standalone fundamental change. Devon Energy (DVN) Advances While Market Declines: Some Information for Investors
• Neutral Sentiment: Kimmeridge released an open letter urging the future Devon board (post‑Coterra close) to pursue asset sales, capital‑allocation tweaks and pay changes — potentially positive for long‑term returns but could introduce near‑term execution changes and governance focus. Investor Kimmeridge urges Devon to pursue asset sales after Coterra merger
• Negative Sentiment: Despite EPS upgrades, Scotiabank kept a "Sector Perform" rating and a $46 price target — below current levels — which could cap upside for some investors and temper enthusiasm from institutional holders. Devon Energy Corporation (DVN) - MarketBeat coverage

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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