Barclays Lifts PT on Devon Energy Corporation (DVN) to $54 From $52 – Here’s Why

Devon Energy Corporation (NYSE:DVN) is one of the most undervalued energy stocks to buy now. On March 13, Barclays lifted the price target on Devon Energy Corporation (NYSE:DVN) to $54 from $52 while reiterating an Overweight rating on the shares. The firm told investors in a research note that it raised its 2026 oil price estimates on the Iran war, and believes that the cash flow tailwinds are still underappreciated for the exploration and production group. Barclays further stated that although the oil spike is not likely to last for long, the market is underappreciating the cash flow benefit and the “durable benefit” it will have on the group’s capacity to lift cash returns beyond the conflict.

In another development, Piper Sandler lifted the price target on Devon Energy Corporation (NYSE:DVN) to $67 from $59 on March 12, keeping an Overweight rating on the shares and citing its increased price deck for the target bump. The firm told investors that amid the Iran war, it increased its mid-cycle crude price forecast to $75 per barrel from $70, and anticipates lasting supply impacts. It also stated that higher prices are required to incentivize investment in production.

Devon Energy Corporation (NYSE:DVN) is involved in the exploration, development, and production of oil and natural gas properties. The company operates and develops the Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil.

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