Morgan Stanley Raises Devon Energy (DVN) Price Target to $65

Morgan Stanley has reaffirmed its Overweight rating on Devon Energy with a new price target of $65.00, a 28.13% upside from the current price.

By TradeTexts Research Desk · Published Oct 16, 2026, 11:15 AM EDT · Updated Oct 17, 2026, 11:15 AM EDT

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Morgan Stanley raised its price target on Devon Energy Corporation ($DVN) to $65 from $63 on October 15, 2026, and rates the stock "Overweight".

Since the rating, $DVN is up 3.0% to date (from the $49.24 close on Oct 15, 2026).

DVN Devon Energy Corporation

$50.73 +36.48% year to date

Daily close · Oct 16, 2026

Key Points

On October 15, 2026, Morgan Stanley reiterated its Overweight rating on Devon Energy Corporation, raising its price target from $63.00 to $65.00.
Morgan Stanley's $65 price target implies 28.13% upside from Devon Energy Corporation's ($DVN) current $50.73 share price.
As of October 16, 2026, Devon Energy shares traded recently at $49.66, which is about 23.6% below the analyst's target price.
The company is set to report its next earnings on November 4, 2026, after generating $18.78 billion in revenue over the trailing twelve months.

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Morgan Stanley has maintained its Overweight rating on Devon Energy Corporation (NYSE: DVN) and increased its price target from $63.00 to $65.00 on October 15, 2026. This move reflects the firm's confidence in Devon's growth potential within the energy sector.

Analyst rating track record

Morgan Stanley vs. the S&P 500

YTD return +2.30% hypothetical

All-time return +2.30% S&P 500 +3.62%

vs. S&P 500 -1.32% behind the index

Hypothetical returns from Morgan Stanley's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in Devon Energy

Several other major funds hold significant positions in Devon Energy. Blackrock Inc. has 95,378,854 shares valued at about $4.84 billion, increasing its stake by 34,870,795 shares, a 57.6% rise. Vanguard Capital Management LLC also holds 75,348,040 shares worth around $3.82 billion, with a share increase of 35,020,466, up 86.8%. State Street Corporation owns 73,179,266 shares valued at approximately $3.71 billion, having added 34,615,150 shares, marking an increase of 89.8%.

Devon Energy Corporation Stock Up 3.0%

Devon Energy's stock is currently trading at $49.66 as of October 16, 2026. This price is about 23.6% below Morgan Stanley's new price target of $65.00, indicating potential upside if the stock moves towards the target.

12-month forecast

$DVN price target

Devon Energy Corporation daily closes and this analyst's $65 target. Not advice.

Recent Earnings

In its most recent earnings report, Devon Energy disclosed trailing twelve-month revenue of approximately $18.78 billion, with a net margin of 17.5% and a return on equity of 11.5%. The company is expected to announce its next earnings on November 4, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

C 59/100

Reported May 5, 2026

Forward outlook
6 analysts raised price targets.
EPS & revenue
EPS missed estimates by 2.9%. Revenue missed estimates by 4.3%.
Profit surprise
EBITDA missed by 38 percent. Operating income missed by 70 percent.
Pre-earnings setup
Bar was high, analysts already very bullish.
Analyst signal
6 target raises.
Earnings quality
Gross margin down 14.6 points. Operating margin down 15.4 points. Positive free cash flow.

Earnings Call Summary

Devon beat on oil production at 387 thousand barrels per day and generated 816 million dollars in free cash flow despite spending 6 percent less than planned. The company achieved its 1 billion dollar business optimization target ahead of schedule through drilling efficiencies and AI tools like autonomous artificial lift optimization on 850 wells. The Cotera merger closes tomorrow, and management identified 156 distinct value capture opportunities with synergies considered a floor, not a ceiling.

Guidance No specific forward guidance given. Management stated they will provide combined full-year guidance in mid-June once the Cotera merger closes tomorrow and the board aligns on the plan. They expect second quarter production to step up and noted the commodity backdrop is stronger than expected.

Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Insider Buying and Selling at Devon Energy Corporation

Insider transactions at Devon Energy include a recent purchase by CEO Clay M. Gaspar. On September 14, 2026, he bought 3,913 shares at an average price of $51.08, totaling about $199,876. Other insiders, such as General Counsel Adam M Vela and Officer Andrea Alexander, sold shares earlier in the year, but these transactions do not imply negative sentiment.

Analysts Set New Price Targets

On October 15, 2026, Morgan Stanley reiterated its Overweight rating with a new price target of $65.00. Earlier, on October 7, UBS maintained a Buy rating with a target of $65.00, while Truist Securities maintained a Buy rating but adjusted its target down to $61.00. Barclays also kept its Overweight rating but raised its target to $60.00 on October 9, 2026.

About Devon Energy

Devon Energy Corporation is an independent energy company based in Houston, Texas. The company focuses on exploring, developing, and producing oil, natural gas, and natural gas liquids primarily in the United States. Its operations are concentrated in several key regions, including the Delaware Basin and the Eagle Ford.

Bottom Line

Investors should watch for Devon Energy's next earnings report on November 4, 2026, and stay tuned for any further analyst updates. Morgan Stanley's recent rating reaffirms confidence in the company's growth prospects despite the current trading price being below the analyst target.