Oklahoma City, Oklahoma-based Devon Energy Corporation (DVN) is an independent energy company that explores, develops, and produces oil, natural gas, and natural gas liquids. Valued at $20.3 billion by market cap, the company also has marketing and midstream operations primarily in North America that include gas, crude oil, and NGLs.
Shares of this leading independent energy company have underperformed the broader market considerably over the past year. DVN has declined 16.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 17.4%. In 2025, DVN stock is down 2.2%, compared to the SPX’s 17.2% gains on a YTD basis.
Narrowing the focus, DVN’s underperformance is also apparent compared to the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The exchange-traded fund has declined about 4.4% over the past year. However, DVN’s losses on a YTD basis outshine the ETF’s 4.9% dip over the same time frame.
On Aug. 5, DVN shares closed up more than 1% after reporting its Q2 results. Its adjusted EPS of $0.84 topped Wall Street expectations of $0.83. The company’s revenue was $4.3 billion, surpassing Wall Street forecasts of $4 billion.
For the current fiscal year, ending in December, analysts expect DVN’s EPS to decline 18.5% to $3.93 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.
Among the 28 analysts covering DVN stock, the consensus is a “Moderate Buy.” That’s based on 18 “Strong Buy” ratings, two “Moderate Buys,” and eight “Holds.”
This configuration is more bullish than a month ago, with 16 analysts suggesting a “Strong Buy.”
On Oct. 21, Benchmark Co. analyst Subash Chandra reiterated a “Buy” rating on DVN and set a price target of $44, implying an ambitious potential upside of 37.5% from current levels.
The mean price target of $44.69 represents a 39.6% premium to DVN’s current price levels. The Street-high price target of $70 suggests an ambitious upside potential of 118.7%.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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