Devon Energy has been upgraded to a Buy rating with a 45% upside potential to a $72 target price, driven by its strong position in the Permian Basin and expected sales of non-core assets. The company's underperformance compared to peers is linked to operational dilution from these non-core assets, which management plans to address through divestitures by November. Free cash flow is projected to grow significantly through 2026 to 2028, supported by synergies from asset sales. The key catalyst is the potential repositioning of Devon Energy as a Permian pure-play, which could lead to a rerating of its valuation.
Devon Energy shares have gained 3.40% recently, trading at USD 51.09 on Pluang. The stock is near its 52-week high of USD 52.07, reflecting positive market sentiment. These figures are current as of Sep 16, 2026 02:32 WIB.
