Devon Energy Corporation (NYSE:DVN) is one of the
8 Cheap Large Cap Stocks to Buy Now. On April 7, 2026, BMO Capital raised the price target on Devon Energy Corporation (NYSE:DVN) to $60 from $55 and maintained an Outperform rating as part of a broader update incorporating Q1 mark-to-market assumptions tied to the Iran war and ongoing natural gas oversupply in North America. BMO Capital said oil markets remain highly sensitive to geopolitical developments, with potential outcomes ranging from a $75–$85 per barrel range if flows normalize to $150–$200 in an escalation scenario, while maintaining its view that the conflict is likely to wind down by the end of April.
On March 27, 2026, Morgan Stanley raised its price target on Devon Energy to $59 from $46 and maintained an Overweight rating. Morgan Stanley said oil, LNG, and refining margins are at their highest levels since 2022 and may not revert quickly, raising its 2026 price assumptions for WTI, NGLs, and refining margins, with EBITDA estimates for North American energy names increasing significantly.
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On March 23, 2026, Truist initiated coverage on Devon Energy with a Buy rating and a $63 price target. Truist said activist pressure and developments related to the Coterra transaction could lead to additional changes ahead of the expected Q2 close, while noting its model assumes the deal proceeds as planned and valuation could improve with successful integration.
Devon Energy Corporation (NYSE:DVN) explores and produces oil, natural gas, and natural gas liquids in the United States.
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