Mizuho Cuts Devon Energy (DVN) Price Target to $65

Mizuho maintains its Outperform rating on Devon Energy with a price target of $65.00, a 30.89% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 11:15 AM EDT · Updated Oct 16, 2026, 8:15 PM EDT

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Mizuho cut its price target on Devon Energy Corporation ($DVN) to $65 from $68 on October 16, 2026, and rates the stock "Outperform".

DVN Devon Energy Corporation

$50.73 +36.48% year to date

Daily close · Oct 16, 2026

Key Points

On October 16, 2026, Mizuho reiterated its Outperform rating on Devon Energy Corporation (NYSE: DVN) with a price target of $65.00, down from $68.00.
Mizuho's $65 price target implies 30.89% upside from Devon Energy Corporation's ($DVN) current $49.66 share price.
The stock is currently trading around $49.66, which is about 23.6% below Mizuho's target.
Devon Energy has a trailing twelve-month revenue of $18.78 billion and an earnings per share of $4.60.

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Mizuho has reiterated its Outperform rating on Devon Energy Corporation (NYSE: DVN) on October 16, 2026, adjusting its price target from $68.00 to $65.00. The recent price of Devon Energy shares is $49.66, which puts it about 23.6% below the new target price set by Mizuho.

Analyst rating track record

Mizuho vs. the S&P 500

YTD return -10.30% hypothetical

All-time return -10.30% S&P 500 +3.34%

vs. S&P 500 -13.64% behind the index

Hypothetical returns from Mizuho's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in Devon Energy

Blackrock Inc. holds 95,378,854 shares of Devon Energy, increasing its stake by 34,870,795 shares. This investment is valued at approximately $4.84 billion. Vanguard Capital Management LLC also holds a significant position with 75,348,040 shares, growing its holdings by 35,020,466 shares worth about $3.82 billion. State Street Corporation has 73,179,266 shares, having added 34,615,150 shares, valued at roughly $3.71 billion. Vanguard Portfolio Management LLC increased its stake by 22,926,585 shares to 57,263,240 shares, worth about $2.91 billion. Wellington Management Group, LLP has 51,522,376 shares, increasing its holdings by 41,581,345 shares, totaling approximately $2.61 billion.

Devon Energy Corporation Stock Up 0.9%

Devon Energy shares are currently trading around $49.66. This price is significantly below Mizuho's target price of $65.00, suggesting potential undervaluation according to the firm. The stock has seen fluctuations, but its recent price indicates it may be an attractive option for investors looking for energy sector exposure.

12-month forecast

$DVN price target

Devon Energy Corporation daily closes and this analyst's $65 target. Not advice.

Recent Earnings

Devon Energy reported a trailing twelve-month revenue of $18.78 billion and an earnings per share (EPS) of $4.60. The company has demonstrated strong financial performance, with a revenue growth rate of 64.2% year-over-year. Investors should note that the next earnings report is scheduled for 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

Several insiders have made transactions recently. CEO Clay M. Gaspar purchased 3,913 shares at an average price of $51.08 on September 14, 2026, totaling approximately $199,876. Other insiders, such as General Counsel Adam M Vela and Officer Andrea Alexander, sold shares earlier in the year, with Vela selling 24,342 shares for about $1.15 million on May 14, 2026.

Analysts Set New Price Targets

On October 7, 2026, UBS maintained a Buy rating on Devon Energy with a price target of $65.00, up from $63.00. Barclays also maintained an Overweight rating with a target of $60.00, while Scotiabank initiated coverage with a Sector Outperform rating and a target of $61.00 on October 15, 2026. Morgan Stanley also maintained its Overweight rating with a target of $65.00, up from $63.00 on the same day.

About Devon Energy

Devon Energy Corporation is an independent energy company based in Houston, Texas. It focuses on the exploration, development, and production of oil, natural gas, and natural gas liquids in several regions across the United States, including the Delaware Basin and the Eagle Ford. With a workforce of about 2,200 employees, the company plays a significant role in the energy sector.

Bottom Line

Investors should keep an eye on Devon Energy's upcoming earnings report on November 4, 2026. Mizuho's recent rating reiteration highlights the ongoing confidence in the company's future amid a fluctuating market.