Citi raises price target on DVN

What happened: On May 27, Mizuho analyst Nitin Kumar raised Devon Energy Corporation's (DVN) price target to $68 from $62, reiterating an Outperform rating. Citi followed suit on May 20, increasing its price target to $65 from $60, while maintaining a Buy rating. Both upgrades cited higher oil prices and discounted U.S. producer valuations as supportive factors. DVN is also favored by billionaires and hedge funds, ranking among the best long-term dividend stocks and commodity stocks to buy in 2026.

Market impact: The upgrades and positive sentiment have driven DVN's stock price higher, benefiting investors who have been bullish on the company. The energy sector, particularly U.S. oil producers, has seen increased interest due to the prolonged supply disruption and higher commodity prices. DVN's strong hedge fund interest and analyst support have further boosted its appeal.

What to watch next: Investors should closely monitor Devon Energy's earnings release scheduled for July 28, 2026, to gauge the company's performance and outlook. Additionally, keep an eye on oil price movements, as they significantly impact DVN's stock price and fundamentals. Lastly, watch for any changes in analyst ratings or price targets, which could indicate a shift in sentiment or expectations for the company.