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.