Truist Securities Reiterates Buy Rating on Devon Energy (DVN)

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."

For an analyst ratings summary and ratings history on Devon Energy click here. For more ratings news on Devon Energy click here.

Shares of Devon Energy closed at $44.07 yesterday.

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