Devon Energy shares rose following the announcement of robust 2026 production guidance, targeting an average of 1.38 million barrels of oil equivalent per day, including 500,000 barrels of oil. In response to the updated outlook and successful merger integration, Evercore upgraded the stock, while Morgan Stanley and BMO Capital reiterated positive ratings with price targets up to $66. Analysts highlighted the company's synergy progress and AI initiatives as key drivers for the sustained growth outlook.
Analysts maintain a Moderate Buy rating on Devon Energy with a $58.52 target, as the company raises dividends to $0.32 despite missing recent quarterly estimates.
Read the full storyRaymond James lowered its Devon Energy price target to $66, citing a weaker oil price strip while projecting a resumption of share buybacks in late 2026.
The investment bank boosted price targets for Marathon Petroleum, Valero, and Devon Energy, citing strong Q1 results and successful merger integrations.
BMO Capital reiterated an Outperform rating on Devon Energy with a $65 target, while Piper Sandler maintained a Neutral stance on Deckers Outdoor.
The company forecasts production to reach 1.38 million boepd in 2026 following its strategic merger with Coterra Energy.