Devon Energy CorporationNYSE: DVN
Energy · Oil & Gas Exploration & Production
$50.68
-1.34%
Vol: 7.6M
Research Digest
Friday, May 1, 2026
Devon Energy cleared antitrust milestone on Coterra merger and is up 3% today on favorable oil prices and early-May earnings expectations.
Devon Energy reported that the antitrust waiting period for its proposed all-stock merger with Coterra Energy expired without objection, moving the deal closer to completion. The stock rose 3% today as crude oil prices firmed and investors positioned ahead of early-May earnings. Analysts expect Q1 2026 EPS of $0.97 and revenue of $4.14 billion. The merger adds strategic scale and positions Devon favorably for long-term capital returns. DVN holds consensus Buy rating with $50.15 target.
Previous Market Intelligence
13 daysApr 30Devon Energy surges 3% on April 29 as crude oil prices spike above $85/barrel amid Middle East geopolitical concerns, while Coterra merger awaits close and early-May earnings loom.Positive▶
Devon Energy shares rose over 3% on April 29 following a broader energy sector rally driven by WTI crude oil climbing 6% to a three-week high, reflecting escalating Middle East supply risks. The company is awaiting final close of its $58 billion all-stock merger with Coterra Energy, which recently cleared a key U.S. antitrust waiting-period milestone. With earnings expected in early May, analysts maintain a Strong Buy consensus with a mean price target of $58.88 (15.3% upside), reflecting expectations of 35.5% year-over-year EPS growth. The stock currently trades at $50.21 with a 1.9% dividend yield.
Apr 29Devon Energy clears Coterra merger antitrust hurdle; Roth raises PT to $57 as oil prices strengthenPositive▶
Devon Energy's proposed all-stock merger with Coterra Energy has cleared the U.S. antitrust waiting period, expected to close by May 7. Roth Capital raised its price target to $57 from $50 and maintained a Buy rating. Higher crude prices tied to Middle East supply risks and optimism ahead of May 5 earnings drove DVN up 3%. Scotiabank materially raised FY2026/FY2027 EPS forecasts. The combined company will become the Delaware Basin's largest producer.
Apr 16Devon Energy receives final regulatory clearance for $26 billion Coterra merger, creating $58 billion energy producer; stock down 1.09% overnightPositive▶
Devon Energy and Coterra Energy have received final regulatory clearance for their massive all-stock merger, completing the second wave of shale consolidation. The transaction will create a $58 billion enterprise combining two of the largest independent shale producers. Devon trades at $45.25 with a market cap of $28.13 billion and currently yields 2.0% dividends. At year-end 2025, Devon reported net proved reserves of 2.4 billion barrels of oil equivalent (up from 2.2 billion in 2024) with production averaging 840,000 BOE/day (73% oil/NGL, 27% natural gas). The company is preparing for Q1 2026 earnings report. The stock is down 1.09% in the last 24 hours despite positive analyst sentiment.
Apr 15Devon Energy faces crude price pullback while merger with Coterra progresses toward close after antitrust clearance.Mixed▶
Devon Energy fell 4.3% on April 14 amid broader oil price weakness. The company's $58 billion merger with Coterra Energy cleared antitrust review on April 2. Q1 2026 earnings are scheduled for May 5. Analysts maintain a Moderate Buy consensus with median price targets around $59.50. UBS lowered its PT to $60, while BMO raised its PT to $60 from $55.
Apr 14Devon Energy received Hart-Scott-Rodino clearance for its $58 billion all-stock merger with Coterra Energy, creating one of the largest independent shale producers.Positive▶
The Hart-Scott-Rodino antitrust waiting period has expired on Devon acquisition of Coterra Energy. The all-stock deal valued at $58 billion will combine two major shale producers. BMO Capital raised its price target to $60 from $55 with an Outperform rating. Q1 2026 earnings scheduled for May 5 after market close.
Apr 13Devon Energy received Hart-Scott-Rodino antitrust clearance for Coterra merger, expected to close mid-2026, creating 1.6M Boe/d producer.Positive▶
DVN received regulatory clearance for all-stock Coterra merger on April 1, 2026, expected to close mid-2026. Combined entity will produce 1.6M Boe/d across 750K net acres in Delaware Basin. BMO Capital raised price target to $60 from $55. Q1 2026 earnings due May 5 with positive 10.8% Earnings ESP and consensus Buy rating. Stock trading above 50 and 200-day SMAs.
Apr 10Devon Energy-Coterra merger cleared antitrust review; Q1 2026 earnings May 5Positive▶
Devon-Coterra merger cleared antitrust review. Raymond James raised price target to $62. Q1 2026 earnings report scheduled for May 5, 2026.
Apr 9Devon Energy raises FY26 guidance on strong oil prices; Coterra merger clears antitrust reviewPositive▶
Devon Energy cleared antitrust review for its all-stock merger with Coterra, positioning the combined entity to produce 1.6 million Boe/d. Wolfe Research raised price target to $65 with "outperform" rating as the company benefits from domestic U.S. focus and operational synergies expected mid-2026. Q1 2026 earnings report scheduled for May 5.
Apr 8Devon Energy receives HSR antitrust clearance for Coterra merger; Wolfe raises price target amid oil price tailwindsPositive▶
Devon Energy (DVN) received Hart-Scott-Rodino antitrust clearance for its pending $58B all-stock acquisition of Coterra Energy, targeting $1.0B in annualized cost savings by FY 2027. The company reported Q4 2025 net income of $562M ($0.90 EPS), down from $639M ($0.98 EPS) year-over-year. Wolfe Research raised its price target from $64 to $65 with "Outperform" rating, citing elevated oil prices from Middle East tensions as a market tailwind. DVN trades at $46.31 with analyst consensus "Buy" and average price target of $49.60.
Apr 7Devon clears HSR for Coterra merger; Q4 EPS beat; +19.6% over past month.Positive▶
Devon confirmed HSR waiting period expired, Coterra merger on track for Q2 2026 close. Q4 EPS $0.82 beat $0.81; revenue $4.12B beat $3.67B. 2025 FCF $3.1B, target +$1B annual pre-tax FCF by end-2026. Stock +19.6% past month. 21 analysts Buy at $49.60.
Apr 6Devon Energy Clears Antitrust Hurdle in Coterra Energy MergerPositive▶
Devon Energy Corp (DVN) cleared an important antitrust milestone on April 2, 2026, advancing its definitive merger with Coterra Energy announced February 2. The company amended its syndicated credit facility on March 24, extending maturity to March 24, 2031 and removing the 10 basis point SOFR credit spread, strengthening balance sheet flexibility. Stock has fluctuated between $48.77 and $50.68 recently, currently at $49.53. The merger represents a significant strategic combination positioning Devon for enhanced scale and operational synergies.
Apr 3Devon Energy cleared Hart-Scott-Rodino waiting period for Coterra merger, keeping Q2 2026 close on track.Positive▶
Devon Energy confirmed the HSR antitrust waiting period expired on April 1, 2026, clearing a key regulatory hurdle for the Coterra Energy merger. Merger scheduled to close Q2 2026. Citi raised PT to $60 from $44; Morgan Stanley raised to $59 from $46. Devon amended its credit facility, extending maturity to March 2031. All 20 analysts recommend Buy with average PT of $56.04.
Apr 2Devon Energy clears antitrust hurdle for Coterra merger with Q2 2026 closing expected; stock drops 3.44% as oil prices decline on Iran peace hopes.Mixed▶
Devon Energy announced the Hart-Scott-Rodino antitrust waiting period for its Coterra Energy merger expired April 1, 2026, with closing expected in Q2 2026. The merger combines two major U.S. oil and gas producers. Stock fell 3.44% to $48.59 on April 1 as oil prices declined on Iran peace resolution hopes. Multiple analyst upgrades include Citi ($60 PT), Morgan Stanley ($59 PT), and Bernstein ($59 PT). Average analyst rating is Buy.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| COPCONOCOPHILLIPS | $123.50 | -1.81% | -4.5% | 14.8x | 0.19 | $153.3B |
| EOGEOG | $139.11 | -1.04% | -1.7% | 9.9x | 0.33 | $75.3B |
| OXYOCCIDENTAL | $58.75 | -3.03% | -3.8% | 16.9x | 0.23 | $60.1B |
| FANGDIAMONDBACK | $207.50 | +0.91% | +5.8% | 12.0x | 0.49 | $57.8B |
| EQTEQT | $58.76 | -2.21% | -0.5% | 12.9x | 0.69 | $37.6B |
| DVNDEVON | $50.68 | -1.34% | +3.5% | 9.6x | 0.53 | $31.9B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price above both MAs — bullish structure.