Devon Energy, which recently completed its merger with Corterra Energy, has posted climbs for three consecutive sessions and is on track to clock two weeks in the green.

  • Shares have been bolstered by rising oil prices, even as Brent crude surged above $109 a barrel, with many analysts expecting further gains in the coming weeks. 
  • Meanwhile, retail investors on Stocktwits are cheering the stock's rise and hoping for further gains amid oil’s climb.
  • On Wednesday, Stifel resumed coverage of Devon Energy with a ‘Buy’ rating and $61 price target, which implies an upside of nearly 22% from its last close. 

Shares of Devon Energy Corp. (DVN) closed more than 2% higher on Thursday and continued to climb overnight as soaring oil prices bolstered the stock. The stock has climbed for three consecutive sessions and is on track to mark two weeks in the green. 

Oil prices have been climbing in recent days as tensions in the Middle East escalate. On Thursday, Brent crude prices surged to over $109 a barrel, with many analysts expecting further gains in the coming weeks. 

DVN Stock: Retail Eyes More Upside

Meanwhile, retail investors are cheering the stock's rise and hoping for further gains amid oil’s climb. Sentiment around DVN stock climbed from ‘neutral’ to ‘bullish’ over 24 hours as message volumes climbed 120% in the same time, as per platform data. 

One bullish user said, “$DVN I believe this will hit $65+ within 3-4 months.”

Another user said, “$DVN $50's coming.... $60 by 12/26.” DVN shares already breached the $50 threshold at the time of writing. 

A third user said, “$DVN unfortunately oil is not going down, and neither is $DVN But i guess right now all energy stocks are up!” 

The Energy Select Sector SPDR Fund (XLE) closed down 0.58% on Thursday but was trading about 0.5% higher at the time of writing. 

What Does Wall Street Think About Devon?

On Wednesday, Stifel resumed coverage of Devon Energy with a ‘Buy’ rating and $61 price target, which implies an upside of nearly 22% from its last close. 

As per The Fly, the analyst noted that Devon shares have traded at a "persistent discount to peers," but added that it believes that "with stabilizing and improving capital efficiency and asset optimization paths available post the CTRA/DVN merger," there is an "increased opportunity for re-rating and relative outperformance."

DVN stock was trading at a forward price multiple of 9.7x, as per Koyfin data. In comparison, peers like Diamondback Energy Inc. (FANG) and Expand Energy Corp. (EXE) were trading at forward price-to-earnings ratios of 11x and 12.5x, respectively. 

Koyfin data also showed a 12-month average price target of $59.86 for DVN, implying nearly 20% upside. 

The company completed its $58 billion all-stock merger with Coterra Energy on May 7, creating a premier large-cap shale operator. The combined company is headquartered in Houston, Texas, with a significant operational presence retained in Oklahoma City. 

DVN stock is up more than 32% so far in 2026. 

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