Wells Fargo's Recommendation: On October 17, 2025, Wells Fargo maintained an Overweight rating for Devon Energy (NYSE:DVN), with an average one-year price target of $46.02/share, indicating a potential upside of 45.03% from its current price of $31.73/share.
Institutional Ownership Trends: There are 1,897 funds reporting positions in Devon Energy, with a slight decrease in ownership by 2.42% over the last quarter. Notable shareholders like Vanguard and Geode Capital Management have also reduced their portfolio allocations in DVN.
DVN
$36.17+Infinity%1D
Analyst Views on DVN
Wall Street analysts forecast DVN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for DVN is 43.20 USD with a low forecast of 35.00 USD and a high forecast of 55.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
21 Analyst Rating
Wall Street analysts forecast DVN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for DVN is 43.20 USD with a low forecast of 35.00 USD and a high forecast of 55.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Buy
6 Hold
0 Sell
Moderate Buy
Current: 37.520
Low
35.00
Averages
43.20
High
55.00
Current: 37.520
Low
35.00
Averages
43.20
High
55.00
UBS
Neutral -> Buy
upgrade
$40 -> $46
2025-12-12
New
Reason
UBS
Price Target
$40 -> $46
2025-12-12
New
upgrade
Neutral -> Buy
Reason
UBS upgraded Devon Energy to Buy from Neutral with a price target of $46, up from $40. The firm sees an improving oil back drop in the second half of 2026 and the company's $1B of debt reduction by mid-year as the key catalysts for the shares. Devon's first half of 2026 updates should bring confidence in the company executing the $1B cost reduction strategy by the end of next year, the analyst tells investors in a research note.
Mizuho
Nitin Kumar
Outperform
maintain
$40 -> $43
2025-12-12
New
Reason
Mizuho
Nitin Kumar
Price Target
$40 -> $43
2025-12-12
New
maintain
Outperform
Reason
Mizuho analyst Nitin Kumar raised the firm's price target on Devon Energy to $43 from $40 and keeps an Outperform rating on the shares. The firm adjusted ratings and targets in the exploration and production group as part of its 2026 outlook. While sentiment for U.S. oil and gas names is negative on oil market oversupply and high gas storage, there is "underappreciated value" in the group, particularly in exploration and production on longer-term fundamentals that could start becoming realized in 2026, the analyst tells investors in a research note. Mizuho suggests a reallocation of risk toward oil E&Ps with a selective bias in gas stocks. It turned more neutral on refining.
Morgan Stanley
NULL
to
Overweight
maintain
$47 -> $48
2025-12-11
New
Reason
Morgan Stanley
Price Target
$47 -> $48
2025-12-11
New
maintain
NULL
to
Overweight
Reason
Morgan Stanley raised the firm's price target on Devon Energy to $48 from $47 and keeps an Overweight rating on the shares. Within oil, the firm prefers Majors and E&Ps with positive rate of change, such as Devon, the analyst tells investors in a 2026 outlook note for the energy group.
JPMorgan
Neutral -> Overweight
upgrade
$49 -> $44
2025-12-08
Reason
JPMorgan
Price Target
$49 -> $44
2025-12-08
upgrade
Neutral -> Overweight
Reason
JPMorgan upgraded Devon Energy to Overweight from Neutral with a price target of $44, down from $49. The firm adjusted ratings in the exploration and production space as part of its 2026 outlook. JPMorgan sees supply side risks for oil and liquids, but says the "long-awaited demand inflection for natural gas has finally arrived." The magnitude of the crude oil oversupply, plus a potential end to the Russia-Ukraine conflict in 2026, is a "double whammy" for lower oil prices, the analyst tells investors in a research note.
About DVN
Devon Energy Corporation is an oil and gas producer in the United States with a diversified multi-basin portfolio headlined by an acreage position in the Delaware Basin. The Company is primarily engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). It owns a portfolio of assets located in the Delaware Basin, Rockies, Eagle Ford and Anadarko Basin. The Delaware Basin operates in southeast New Mexico and across the state line into west Texas. It offers exploration and development opportunities from many geologic reservoirs and play types, including the oil-rich Wolfcamp, Bone Spring, Avalon and Delaware formations. Its Rockies development consists of its Williston Basin and Powder River Basin assets. The Eagle Ford operations are located in Texas' DeWitt and Karnes counties. The Anadarko Basin development is located in western Oklahoma. It has a joint venture with Dow to develop a portion of its Anadarko Basin acreage.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
