Barclays Raises Devon Energy (DVN) Price Target to $60

Barclays has reaffirmed its Overweight rating on Devon Energy with a price target increase to $60.00, a 20.82% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:08 PM EDT

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Barclays raised its price target on Devon Energy Corporation ($DVN) to $60 from $58 on October 9, 2026, and rates the stock "Overweight".

Since the rating, $DVN is up 5.1% after 1 week and up 5.1% to date (from the $48.26 close on Oct 9, 2026).

DVN Devon Energy Corporation

$50.73 +36.48% year to date

Daily close · Oct 16, 2026

Key Points

On October 9, 2026, Barclays reiterated its Overweight rating on Devon Energy Corporation with a new price target of $60.00, up from $58.00.
Barclays's $60 price target implies 20.82% upside from Devon Energy Corporation's ($DVN) current $49.66 share price.
Devon Energy's stock is recently trading around $49.66, which is about 17.2% below Barclays' target price.
Analysts from firms like JP Morgan and UBS also maintain Overweight ratings, with price targets set at $65.00.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Devon Energy Corporation alert may contain errors. Disclosures

Barclays has reiterated its Overweight rating on Devon Energy Corporation (NYSE: DVN) on October 9, 2026, increasing its price target from $58.00 to $60.00. This comes as the stock is currently trading below this target, recently priced at $49.66 as of October 16, 2026.

Other Institutional Activity in Devon Energy

Several other institutional investors hold significant stakes in Devon Energy. Blackrock Inc. owns about 95,378,854 shares valued at approximately $4.84 billion, after increasing its holdings by 34,870,795 shares. Vanguard Capital Management LLC has 75,348,040 shares worth around $3.82 billion, having added 35,020,466 shares. State Street Corporation holds 73,179,266 shares, valued at about $3.71 billion, with a recent increase of 34,615,150 shares. Vanguard Portfolio Management LLC and Wellington Management Group, LLP also have substantial positions in the company.

Devon Energy Corporation Stock Up 0.9%

Devon Energy's stock is currently trading at $49.66, which is about 17.2% below Barclays' new price target of $60.00. The stock's recent performance indicates it is trading significantly lower than the target set by Barclays, reflecting potential investor caution.

12-month forecast

$DVN price target

Devon Energy Corporation daily closes and this analyst's $60 target. Not advice.

Recent Earnings

In its trailing twelve months, Devon Energy reported revenue of $18.78 billion and earnings per share of $4.60. The company has shown impressive revenue growth year-over-year at 64.2%, and its net margin stands at 17.5%. Devon is set to announce its next earnings on November 4, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

C 59/100

Reported May 5, 2026

Forward outlook
6 analysts raised price targets.
EPS & revenue
EPS missed estimates by 2.9%. Revenue missed estimates by 4.3%.
Profit surprise
EBITDA missed by 38 percent. Operating income missed by 70 percent.
Pre-earnings setup
Bar was high, analysts already very bullish.
Analyst signal
6 target raises.
Earnings quality
Gross margin down 14.6 points. Operating margin down 15.4 points. Positive free cash flow.

Earnings Call Summary

Devon beat on oil production at 387 thousand barrels per day and generated 816 million dollars in free cash flow despite spending 6 percent less than planned. The company achieved its 1 billion dollar business optimization target ahead of schedule through drilling efficiencies and AI tools like autonomous artificial lift optimization on 850 wells. The Cotera merger closes tomorrow, and management identified 156 distinct value capture opportunities with synergies considered a floor, not a ceiling.

Guidance No specific forward guidance given. Management stated they will provide combined full-year guidance in mid-June once the Cotera merger closes tomorrow and the board aligns on the plan. They expect second quarter production to step up and noted the commodity backdrop is stronger than expected.

Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Insider Buying and Selling at Devon Energy Corporation

Recent insider transactions show that CEO Clay M. Gaspar bought 3,913 shares at an average price of $51.08 on September 14, 2026. This purchase was valued at approximately $199,876. Other insiders, including General Counsel Adam M. Vela and Officer Andrea Alexander, sold shares earlier in the year.

Analysts Set New Price Targets

On October 9, 2026, Barclays maintained its Overweight rating on Devon Energy with a new price target of $60.00, up from $58.00. This aligns with other analysts like JP Morgan and UBS, which also have Overweight ratings with targets of $65.00. The consensus among analysts suggests a strong outlook for the stock.

About Devon Energy

Devon Energy Corporation is an independent energy company based in Houston, Texas. It focuses on exploring and producing oil, natural gas, and natural gas liquids across various U.S. regions, including the Delaware Basin and Eagle Ford. With its strong revenue growth and strategic operations, Devon Energy continues to be a key player in the oil and gas sector.

Bottom Line

Investors will be watching for Devon Energy's next earnings report on November 4, 2026, as well as any further updates from analysts that could affect its stock performance. Barclays' reaffirmation of its Overweight rating indicates confidence in the company's future prospects.