Zacks Research Upgrades Devon Energy (NYSE:DVN) to "Strong-Buy"

Key Points

• Zacks Research upgraded Devon Energy from a "hold" to a "strong-buy" and added DVN to its Rank #1 lists for momentum and value, signaling potential quant, retail and ETF inflows.
• Several brokers have raised price targets and maintained bullish ratings — including Morgan Stanley ($59), BMO ($60) and Wolfe ($65) — leaving Devon with an average analyst rating of "Moderate Buy" and an average price target of $54.85.
• The Coterra merger remains on track with the HSR waiting period cleared and expected in early May, while activist investor Kimmeridge is pushing for asset sales and capital-allocation changes that could act as post-merger catalysts; Devon also posted a slight quarterly EPS beat of $0.82 vs. $0.81.

Devon Energy (NYSE:DVN - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, January 15th. Roth Mkm restated a "buy" rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday. Barclays raised their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an "overweight" rating in a research report on Monday, March 16th. BMO Capital Markets raised their price objective on Devon Energy from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 7th. Finally, Wolfe Research lifted their price target on Devon Energy from $64.00 to $65.00 and gave the company an "outperform" rating in a report on Monday, April 6th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average price target of $54.85.

Devon Energy Price Performance

DVN stock opened at $51.10 on Tuesday. Devon Energy has a one year low of $29.70 and a one year high of $52.71. The firm has a 50-day moving average of $46.95 and a two-hundred day moving average of $40.31. The firm has a market capitalization of $31.73 billion, a PE ratio of 12.25, a P/E/G ratio of 0.83 and a beta of 0.47. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS 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 during the quarter, compared to analysts' expectations of $3.67 billion. During the same period last year, the company posted $1.10 earnings per share. The business's revenue for the quarter was down 6.4% on a year-over-year basis. On average, analysts forecast that Devon Energy will post 5.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Devon Energy during the 4th quarter worth $25,000. First Horizon Corp purchased a new position in Devon Energy during the 3rd quarter worth $26,000. Accredited Wealth Management LLC grew its position in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $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% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after acquiring an additional 702 shares during the period. Finally, MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the 4th quarter worth $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Key Devon Energy News

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

• Positive Sentiment: Morgan Stanley raised its price target to $59 and kept an "overweight" rating, giving the stock notable upside vs. recent levels — a major broker upgrade that can drive buying interest. MarketScreener
• Positive Sentiment: Unusually large call buying was reported (38,160 calls, ~36% above typical daily volume), signaling speculative or hedged bullish positioning that often precedes price moves. (No external link)
• Positive Sentiment: DVN was added repeatedly to Zacks' Rank #1 (Strong Buy) lists for momentum and value — inclusion in multiple buy-rank lists can attract quant, retail and ETF flows. Best Momentum Stocks to Buy for April 29th
• Positive Sentiment: Merger progress and deal-related catalyst: commentary notes the HSR waiting period has cleared and the Coterra merger remains on track for early May — reducing regulatory uncertainty and keeping a closeable, value-creating event on the calendar. QuiverQuant: Devon Energy rises as oil prices firm...
• Positive Sentiment: Activist input from Kimmeridge urging post-merger asset sales, improved capital allocation and pay reform could be viewed as a catalyst to boost returns and force strategic action by the combined company. Reuters: Investor Kimmeridge urges Devon pursue asset sales
• Neutral Sentiment: Sector earnings: peer TotalEnergies reported Q1 beats on realized Brent strength — a positive signal for oil-price-driven E&P earnings but not company-specific. TTE Q1 Earnings and Sales Beat
• Neutral Sentiment: Zacks/Yahoo pieces flag DVN as positioned to beat upcoming earnings and note the average broker rating is a Buy — supportive context but largely reiterative until results. Devon Energy expected to beat earnings
• Negative Sentiment: Broader oil patch caution: some peers (e.g., Murphy Oil) are flagged to report weaker results, underscoring that sector headlines and near-term production/revenue variability can weigh on E&P multiples if realized prices or volumes disappoint. Analysts Estimate Murphy Oil to Report a Decline

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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