Devon Energy (DVN)

• Market cap: $19.6B
• 1 day: -2.91%
• 5 days: -3.49%
• 1 month: -18.74%
• 3 months: -13.30%
• 6 months: -20.76%
• Year to date: -9.01%
• 1 year: -40.62%
• 5 years: 143.70%
• 10 years: -55.45%
• Sector: Energy
• Industry: Oil & Gas Exploration & Production

About: Devon Energy is an oil and gas producer with acreage in several top US shale plays. While roughly two thirds of its production comes from the Permian Basin, it also holds a meaningful presence in the Anadarko, Eagle Ford, and Bakken basins. At the end of 2024, Devon reported net proved reserves of 2.2 billion barrels of oil equivalent. Net production averaged roughly 848,000 barrels of oil equivalent per day in 2024 at a ratio of 73% oil and natural gas liquids and 27% natural gas.

Employees: 2,300

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

8% more funds holding in top 10

Funds holding in top 10: 13 [Q3] → 14 (+1) [Q4]

1.22% less ownership

Funds ownership: 77.16% [Q3] → 75.95% (-1.22%) [Q4]

5% less funds holding

Funds holding: 1,171 [Q3] → 1,112 (-59) [Q4]

13% less repeat investments, than reductions

Existing positions increased: 390 | Existing positions reduced: 447

13% less capital invested

Capital invested by funds: $18.8B [Q3] → $16.3B (-$2.52B) [Q4]

18% less first-time investments, than exits

New positions opened: 162 | Existing positions closed: 197

23% less call options, than puts

Call options by funds: $639M | Put options by funds: $835M

Research analyst outlook

15 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $35 15% upside
• Avg. target: $43 41% upside
• High target: $56 84% upside

15 analyst ratings

• positive: 10 67%
• neutral: 5 33%
• negative: 0 0%

B of A Securities Noah Hungness 40% 1-year accuracy 8 / 20 met price target	38% upside $42	Buy Maintained	29 Apr 2025
Barclays Betty Jiang 27% 1-year accuracy 10 / 37 met price target	25% upside $38	Equal-Weight Maintained	23 Apr 2025
Piper Sandler Mark Lear 37% 1-year accuracy 61 / 166 met price target	84% upside $56	Overweight Maintained	23 Apr 2025
Susquehanna Biju Perincheril 24% 1-year accuracy 15 / 63 met price target	35% upside $41	Positive Maintained	22 Apr 2025
RBC Capital Scott Hanold 18% 1-year accuracy 7 / 39 met price target	32% upside $40	Sector Perform Maintained	14 Apr 2025