Evercore ISI Group Rates Devon Energy (DVN) buy, $54 Price Target

Evercore ISI increased its rating on Devon Energy to buy and set a new target price of $54, a 23.43% upside from the current price.

By EarningsIQ Research Desk · Published Jun 12, 2026, 9:16 PM EDT · Updated Jun 15, 2026, 10:01 AM EDT

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Evercore ISI Group rated Devon Energy Corporation ($DVN) "buy" with a $54 price target on June 10, 2026.

Since the rating, $DVN is down 8.0% after 1 week, down 8.7% after 1 month and up 10.3% to date (from the $45.97 close on Jun 10, 2026).

DVN Devon Energy Corporation

$50.73 +36.48% year to date

Daily close · Oct 16, 2026

Key Points

Evercore ISI raised its rating on Devon Energy Corporation (DVN) to buy, with a price target of $54, reflecting a positive shift in outlook.
Evercore ISI Group's $54 price target implies 23.43% upside from Devon Energy Corporation's ($DVN) current $43.75 share price.
The stock is currently trading at $43.75, down from a previous close of $48.61, positioning it well below the new target.
Devon Energy has seen strong revenue growth of 64.2% over the past year, bolstered by its operations in key oil and gas regions.

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Upgrade to Buy

Evercore ISI has raised its rating on Devon Energy Corporation (NYSE: DVN) to buy, setting a new price target of $54. This change reflects a more favorable view of the company's prospects and comes as Devon trades at $43.75, below the target.

What Changed in the Analyst's View

The upgrade marks a significant shift in Evercore ISI's outlook for Devon Energy. The firm previously had no target listed prior to this rating change. The new target price indicates confidence in Devon's ability to capitalize on its strong revenue growth and market position in the oil and gas exploration sector.

Analysts Set New Price Targets

Devon Energy has recently garnered attention from several analysts. On October 16, Mizuho maintained an Outperform rating but lowered its target to $65 from $68. Scotiabank initiated coverage with a Sector Outperform rating and a target of $61 on October 15. Morgan Stanley kept its Overweight rating, raising its target to $65 from $63 on the same day. Barclays also maintained an Overweight rating with a price target increase to $60 from $58 on October 9. These ratings reflect a consensus of optimism towards Devon’s performance.

Stock Performance Context

Currently, DVN is trading at $43.75, which is significantly lower than the new price target of $54. The stock has shown volatility and is currently below its 50-day moving average of $46.32. This upgrade comes as the market anticipates further growth, especially with Devon's strong revenue figures.

12-month forecast

$DVN price target

Devon Energy Corporation daily closes and this analyst's $54 target. Not advice.

Recent Earnings

Devon Energy reported impressive earnings, with a revenue of approximately $18.78 billion, showcasing a revenue growth rate of 64.2%. The next earnings report is scheduled for November 4, 2026, which will provide further insights into the company’s performance.

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.

What Devon Energy Corporation Does

Devon Energy Corporation explores and produces oil and gas in several significant areas across the United States, including the Delaware Basin and Eagle Ford. The company has a solid foundation and has shown strong growth recently, which makes the analyst upgrades noteworthy.

What to Watch at Devon Energy Corporation

Investors will be looking for Devon Energy's earnings report on November 4, 2026, to see if the company continues its growth trajectory. With recent analyst upgrades, the market will be keen to evaluate how well the company meets expectations. Remember, the upgrade from Evercore ISI reflects their view as of the date of the rating change and may not capture changes in the company's position thereafter.