TD Cowen Lifts PT on Devon Energy (DVN) to $50 From $46 – Here’s Why

Devon Energy Corporation (NYSE:DVN) is one of the best undervalued stocks under $50 to invest in now. On March 17, TD Cowen lifted the price target on Devon Energy Corporation (NYSE:DVN) to $50 from $46 and maintained a Hold rating on the shares. The firm released the rating update as it updated exploration and production models following the fiscal Q4 reports.

In another development, Barclays lifted the price target on Devon Energy Corporation (NYSE:DVN) to $54 from $52 on March 13 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.

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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