Truist Remains Bullish on Devon Energy Corporation (DVN)

Devon Energy Corporation (NYSE:DVN) is one of the top cheap stocks with Strong Buy ratings on Wall Street. Truist lifted the price target on Devon Energy Corporation (NYSE:DVN) to $66 from $63 on June 1, maintaining a Buy rating on the shares. The firm cited the Reuters report that suggested that the company received an $8 billion offer for its Marcellus asset. It further told investors in a research note that expectations had increased for a divestiture to materialize rather quickly post-merger close, given a hot ABS market and a generally supportive asset market.

Mizuho Raises Devon Energy (DVN) Price Target as Higher Oil Prices Support Outlook

Devon Energy Corporation (NYSE:DVN) also received a rating update from Mizuho on May 27, with the firm adjusting the price target on the stock to $68 from $62 while maintaining an Outperform rating on the shares. The firm anticipates the effects of the Iran crisis on global oil prices and refining cracks to be prolonged. It raised its 2026 and 2027 oil price outlook by 25% and 6%, respectively, while also lifting its forecast for U.S. refining cracks by 61% and 51%.

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

While we acknowledge the risk and potential of DVN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than DVN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 15 Stocks That Will Make You Rich in 10 Years AND 12 Best Stocks That Will Always Grow.

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1