10 Cheapest Oil and Gas Stocks to Invest in

6. Devon Energy Corporation (NYSE:DVN)

Forward P/E: 9.82

Potential Upside: 23.04%

Number of Hedge Fund Holders: 59

On January 7, Betty Jiang of Barclays maintained her Hold rating on the stock and continued to see a $40 price target for the shares. Her price target implies an additional 12% upside from the current levels. Prior to that, Bernstein presented a similar stance. The research firm maintained its Buy rating on the stock on January 7 while lowering its price target from $48 to $42. This price target revision came from the analyst Bob Brackett. According to his updated outlook, the oil market is expected to face short-term price pressure, due to which the price target was adjusted downward. However, the firm is optimistic about the oil sector’s long-term strength.

On December 31, Roth Capital also issued an important update about Devon Energy. Roth Capital analyst Nicholas Pope forecasts the company’s 2026 production to slightly exceed its production outlook. However, the firm anticipates that the Bakken will post the largest declines among DVN’s four main producing assets during 2026. The analyst commented in a research note to investors that the company’s valuation remains compelling, backed by its strong free cash flow generation.

Devon Energy Corporation (NYSE:DVN) operates as an independent energy company. The company is involved in the development, exploration, and production of natural gas, natural gas liquids, and oil across the United States. It was incorporated in 1971 and is based in Oklahoma City, Oklahoma.