Raymond James Reiterates Buy Rating on Devon Energy
Raymond James maintains its buy rating on Devon Energy, setting a $66 price target, a 56.70% upside from the current price.
Key Points
- Raymond James reiterated its buy rating for Devon Energy, setting a $66 price target on June 15, 2026.
- Raymond James's $66 price target implies 56.70% upside from Devon Energy Corporation's ($DVN) current $42.12 share price.
- Devon Energy trades at $43.75 with a market cap of approximately $52.3 billion and a P/E ratio of 12.6.
- Recent insider activity includes sales by SVP Alexander Andrea and SVP Adam Vela, but analysts remain positive with multiple buy ratings.
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Raymond James has reiterated its buy rating on Devon Energy Corporation (NYSE: DVN) as of June 15, 2026. The firm set a price target of $66, reflecting confidence in Devon's future performance.
Other Institutional Activity in Devon Energy
Several major funds have made changes to their holdings in Devon Energy. BlackRock, Inc. reduced its position by about 1.1 million shares, now holding 60.5 million shares worth approximately $3.04 billion. Vanguard Portfolio Management LLC initiated a new position with 34.3 million shares valued at about $1.73 billion. State Street Corp increased its stake by over 3 million shares, bringing its total to 38.6 million shares worth $1.94 billion. Charles Schwab Investment Management Inc significantly boosted its holdings by 14 million shares, totaling 19.2 million shares valued at $965 million.
Devon Energy Corporation Stock Down 11.0%
Shares of Devon Energy are currently trading around $43.75. The company has a market cap of roughly $52.3 billion and a P/E ratio of 12.6, indicating it's priced attractively relative to its earnings. The stock has a 52-week range between $31.45 and $52.71, with a 50-day moving average of $47.13 and a 200-day moving average of $40.49. Devon's current ratio is 1.006, and its quick ratio is 0.848, with a debt-to-equity ratio of 56.4.
$DVN price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
In its latest earnings report, Devon Energy posted revenue of $16 billion, though revenue growth was slightly negative at -0.8%. The company reported an EPS of $3.59, with a net margin of 14.2% and a return on equity of 15.2%. The next earnings report is expected on August 4, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
6 analysts raised price targets.
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EPS & revenue
EPS missed estimates by 2.9%. Revenue missed estimates by 4.3%.
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Profit surprise
EBITDA missed by 38 percent. Operating income missed by 70 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
6 target raises.
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Earnings quality
Gross margin down 14.6 points. Operating margin down 15.4 points. Positive free cash flow.
Earnings Call Summary
Devon beat on oil production at 387 thousand barrels per day and generated 816 million dollars in free cash flow despite spending 6 percent less than planned. The company achieved its 1 billion dollar business optimization target ahead of schedule through drilling efficiencies and AI tools like autonomous artificial lift optimization on 850 wells. The Cotera merger closes tomorrow, and management identified 156 distinct value capture opportunities with synergies considered a floor, not a ceiling.
Guidance No specific forward guidance given. Management stated they will provide combined full-year guidance in mid-June once the Cotera merger closes tomorrow and the board aligns on the plan. They expect second quarter production to step up and noted the commodity backdrop is stronger than expected.
Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.
Dividend
Devon Energy offers an annual dividend rate of $1.04, yielding 2.3% based on its current stock price. The dividend payout ratio stands at 26.74%, showing a sustainable payout against earnings.
Insider Buying and Selling at Devon Energy Corporation
Recent insider transactions at Devon Energy include Alexander Andrea, SVP & Chief Admin Officer, selling 18,000 shares on June 10, 2026, at an average price of $46.74. Additionally, SVP & General Counsel Adam Vela sold 24,342 shares on May 14, 2026, at $47.21 per share. These sales are routine and do not necessarily indicate any issues within the company.
Analysts Set New Price Targets
On June 15, 2026, Raymond James maintained its buy rating for Devon Energy with a $66 target. UBS and Evercore ISI Group also maintained buy ratings, with targets of $58 and $54, respectively. The consensus among 26 analysts is a strong buy, with an average target price of $61.19.
About Devon Energy
Devon Energy Corporation is an independent energy company headquartered in Houston, Texas. It specializes in the exploration, development, and production of oil, natural gas, and natural gas liquids. The company operates in several key regions, including the Delaware Basin, Eagle Ford, Anadarko Basin, Williston Basin, and Powder River Basin. Led by CEO Clay M. Gaspar, Devon employs approximately 2,200 people.
Bottom Line
Raymond James' reiterated buy rating and $66 target for Devon Energy demonstrate ongoing confidence in the company's prospects. Investors often track such analyst ratings as they provide insights into potential stock performance. It's important to remember that these ratings reflect the analysts' views as of the report date and are subject to change.
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