Truist Securities analyst Gabe Daoud reiterated a Buy rating and $66.00 price target on Devon Energy (NYSE: DVN).

The analyst commented: "Updated 2026 Outlook Matches Expectations, Portfolio Review Underway; DVN's pro-forma '26 and new implied FY run-rate (~558kbd of oil from $5.5Bn of capital) fall largely in-line with expectations as all eyes remain focused on the go-forward plan alongside its portfolio optimization program expected to move "expeditiously" to concentrate the portfolio around its Permian position. An updated guide - largely innocuous but a clearing event nonetheless particularly given some concerns stemming from CTRA's soft 1Q26 - coupled with favorable messaging around asset sales and ROC (targeting 70% returned to shareholders with room for more pending asset sales) should spark 2H outperformance as DVN looks to close its substantial valuation gap relative to large-cap peers. Buy."

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Shares of Devon Energy closed at $44.07 yesterday.