Citi Raises its Price Target on Devon Energy (DVN)

Devon Energy Corporation (NYSE:DVN) is one of the 12 Most Undervalued Stocks to Invest In.

On May 20, 2026, Citi raised the firm’s price target on Devon Energy Corporation (NYSE:DVN) to $65 from $60 and maintained a Buy rating on the shares. Citi said that despite the recent rally in the exploration and production sector, it still sees a “disconnect” between oil-levered companies and medium-term crude prices. The firm said investors should focus on shares that “offer good value and compelling narratives,” and kept Devon as its top pick in the group.

Meanwhile, Jefferies upgraded Devon Energy Corporation (NYSE:DVN) to Buy from Hold with a $62 price target, up from $53. Jefferies said pullbacks in the front of the oil curve create an opportunity, and that Devon has multiple catalysts for absolute and relative outperformance after the Coterra merger closes. The firm added that divesting non-core assets, particularly the Marcellus, could eliminate debt and boost returns.

Earlier in May, Devon Energy Corporation (NYSE:DVN) reported Q1 core EPS of $1.04, compared to the consensus estimate of $1.09. The company said it delivered “another strong quarter,” citing performance ahead of guidance across major value drivers, including oil production and capital. Devon also said it remains on track to fully deliver its $1 billion business optimization target ahead of schedule and expects the Coterra merger to unlock synergies, accelerate free cash flow growth, and enhance shareholder returns.

Devon Energy Corporation (NYSE:DVN) explores, develops, and produces oil, natural gas, and natural gas liquids in the United States.

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