Devon Energy Corporation (NYSE:DVN) is one of the 10 Most Undervalued American Stocks to Invest In.
On June 29, 2026, Morgan Stanley lowered its price target on Devon Energy Corporation (NYSE:DVN) to $63 from $66 and kept an Overweight rating. Morgan Stanley noted that oil prices have declined since the U.S. and Iran announced a memorandum of understanding on June 14, with WTI now only slightly above pre-conflict levels. The firm refreshed its estimates for the latest energy prices.
On June 24, Goldman Sachs analyst Neil Mehta reinstated coverage of Devon Energy with a Buy rating and $54 price target. Mehta was positive on the company’s focus on optimizing its Delaware Basin asset, management’s outlook to capture $1.0b in run-rate merger synergies by 2027-end, and its updated return of capital framework to return up to 70% of free cash flow to shareholders. Mehta also cited the stock’s valuation, with shares trading at a 15% free cash flow yield compared with the large-cap peer average of 11%.
On June 15, Raymond James lowered its price target on Devon Energy to $66 from $72 and kept a Strong Buy rating. Raymond James said updated guidance was roughly in line with previous estimates, while the market’s attention is focused on upcoming portfolio rationalization as the next major catalyst to help narrow the valuation gap to peers.
Devon Energy Corporation (NYSE:DVN) explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States.
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