DVN - Devon Energy Corp

NYSE · Energy · Oil & Gas E&P

$45.31

Market Closed

End of day · Jun 12, 2026, 12:00 AM

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Resolved

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Bear

About

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

https://www.devonenergy.com

DVN - Devon Energy Corp

Energy

DVN has had a pretty wild year, honestly. Just looking at the price action, it spent last summer bouncing between 31 and 35, stayed range bound for months, and then something clearly shifted in January. The ramp from the high 30s to over 50 in May feels like a big sentiment flip on oil and gas exposure. I’m not chasing that all the way up, but I’m still leaning bullish from here. The first reason is balance sheet discipline. DVN has kept its payout model flexible, so they can support a solid dividend when prices are good, but don’t crater their cash flow if oil retreats. Management hasn’t gotten reckless like some of the smaller E&Ps. Also, M&A hasn’t gotten out of control in this space (yet), which is actually kind of comforting right now. Second oil demand is still steady, and OPEC’s recent moves suggest supply isn’t about to flood the market. That’s constructive for Devon’s realized prices, and they tend to hedge pretty smartly compared to some peers. If you believe oil stays above 70, DVN at 45 is still decent value given their cost base and cash return plans. My target is 54.50, which prices in a few more quarters of stable realized prices and the current buyback pace. It’s not a home run, but I think it can get there without needing a commodity spike. The risk is always the same: if crude takes a nosedive, DVN will get punished, no matter how careful they are. Watch the next OPEC meeting and any surprises from the Fed. Next big catalyst for me is their next earnings if they surprise with capital returns or guide for higher volumes, this could see another leg up. Not betting the house, but I’m holding for now.

Entry

$45.61

Above

$54.50

Jul 20, 2026

Karma

122 to 17261

Bullish

Open

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