Wells Fargo Raises Devon Energy (DVN) Price Target by $6

Devon Energy Corporation (NYSE:DVN) is included among the 10 Best American Oil and Gas Stocks to Buy.

Devon Energy Corporation (NYSE:DVN) is a leading independent energy company engaged in finding and producing oil and natural gas, with operations focused onshore in the United States.

On January 27, Wells Fargo raised its price target on Devon Energy Corporation (NYSE:DVN) from $37 to $43, while keeping an ‘Overweight’ rating on the shares. The analyst noted that the macro oil environment remains under pressure from the rising output from OPEC and non-OPEC players, with risks of a near-term supply glut driving down prices. As a result, Wells Fargo favors frameworks with low reinvestment and strong capital discipline.

Devon Energy Corporation (NYSE:DVN) also received a boost on January 26 when Susquehanna analyst Charles Minervino raised the firm’s price target on the stock from $42 to $45, while maintaining a ‘Positive’ rating on the shares. The revised target, which indicates an upside of 13% from the current levels, comes as the firm adjusted its targets in the E&P sector as part of a Q4 preview.

Susquehanna highlighted that the global oversupply and softer demand have put downward pressure on oil prices, prompting the firm to drop its 2026 WTI price assumption from $65 per barrel to $60. However, the analyst remains bullish on the long-term outlook for natural gas, driven by growing power demand from data centers and electrification.

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