Mizuho Raises Devon Energy Price Target to $68

Mizuho has increased its price target for Devon Energy (DVN) to $68, up from a previous $62, while maintaining an Outperform rating on the stock [2][3]. This latest adjustment follows a series of positive analyst revisions for the oil and gas producer, signaling sustained optimism regarding its financial trajectory [1].

Key takeaways

• Mizuho raised its price target for Devon Energy to $68 from $62 [3].
• The firm maintained an Outperform rating on the shares [2].
• Analysts project a consensus target price of approximately $51, with a high estimate of $68 [1][2].

Recent Analyst Activity and Company Outlook

The revision reported on May 27, 2026, represents the second notable adjustment by Mizuho in recent months, following a raise to $62 from $51 in mid-March [1][2]. The firm's current target of $68 stands as the highest among analyst estimates, which range from a low of $37 to the new high [2]. This bullish stance aligns with a broader trend of upgrades from other financial institutions, including Barclays and Piper Sandler, which have also lifted their price targets in early 2026 [1].

Devon Energy operates as a significant producer in top U.S. shale plays, with roughly two-thirds of its production derived from the Permian Basin [1]. The company reported net proved reserves of 2.4 billion barrels of oil equivalent at the end of 2025, an increase from the previous year [1]. Analysts