Devon Energy (NYSE:DVN) Given New $65.00 Price Target at Truist Financial

Devon Energy (NYSE:DVN) had its target price raised by investment analysts at Truist Financial from $61.00 to $65.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the energy company’s stock. Truist Financial’s target price would suggest a potential upside of 50.49% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Citigroup upped their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Royal Bank Of Canada raised their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Finally, UBS Group cut their target price on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.72.

Devon Energy Stock Performance

NYSE DVN traded up $1.10 during trading on Thursday, reaching $43.19. 3,754,949 shares of the company’s stock were exchanged, compared to its average volume of 13,694,422. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The business has a 50 day moving average price of $43.52 and a 200-day moving average price of $44.83. The stock has a market capitalization of $26.84 billion, a P/E ratio of 10.26 and a beta of 0.38. Devon Energy has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 21.29% and a net margin of 16.67%.The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period last year, the firm posted $0.84 earnings per share. The business’s revenue was up 73.1% on a year-over-year basis. Sell-side analysts forecast that Devon Energy will post 4.64 earnings per share for the current fiscal year.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction 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 $19,991,570.32. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. Company insiders own 4.58% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. LSV Asset Management increased its position in shares of Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after purchasing an additional 354,500 shares during the last quarter. Morningstar Investment Management LLC bought a new stake in Devon Energy in the fourth quarter worth about $2,089,000. Kimmeridge Energy Management Company LLC boosted its stake in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. Illinois Municipal Retirement Fund grew its position in shares of Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after acquiring an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC increased its stake in shares of 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 purchasing an additional 80,000 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Key Headlines Impacting Devon Energy

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

• Positive Sentiment: Devon reported second-quarter adjusted earnings of $1.57 per share, ahead of the $1.40 consensus estimate, while revenue reached $7.42 billion. The results benefited from stronger oil prices, higher production and contributions from the Coterra merger. Devon Q2 Earnings Surpass Estimates on Strong Oil Output and Pricing
• Positive Sentiment: Operational performance was also favorable: oil production averaged 503,000 barrels per day, at the high end of guidance, while capital spending was below the guidance midpoint. Devon generated approximately $1.66 billion in adjusted free cash flow and returned more than $1 billion through dividends, buybacks and debt reduction. Devon Energy Q2 Earnings Call Highlights
• Positive Sentiment: Management sharpened its 2026 outlook, citing progress toward more than $1 billion in merger synergies, technology-driven productivity gains and a portfolio review. Potential sales of noncore Marcellus, Eagle Ford and Powder River assets could generate significant proceeds for debt reduction, reinvestment or shareholder distributions. DVN Q2 Earnings Call Puts Synergies and Portfolio Review in Focus
• Positive Sentiment: The board raised Devon’s fixed quarterly dividend by 33% to $0.32 per share, supporting the investment case with an annualized yield of approximately 3%. The company also repurchased shares during the quarter.
• Neutral Sentiment: Devon expects third-quarter production of roughly 1.66 million to 1.69 million barrels of oil equivalent per day. The outlook reinforces scale benefits from the merger, but future earnings remain sensitive to oil and natural-gas prices.
• Negative Sentiment: The bullish thesis depends on successfully capturing merger synergies and completing asset sales at attractive valuations. Reported insider activity has included recent sales, although these transactions do not necessarily indicate a change in management’s long-term outlook.

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.