Devon Energy (NYSE:DVN) Shares Gap Down – Here’s Why

08 Apr 2026, 16:34 by Mitch Edgeman · The Markets Daily

Devon Energy Corporation (NYSE:DVN – Get Free Report)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $49.95, but opened at $46.27. Devon Energy shares last traded at $47.2890, with a volume of 4,642,197 shares traded.

Key Stories Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

Positive Sentiment: Analysts lifted price targets — BMO raised its PT to $60 and kept an “outperform” rating, and RBC raised its PT to $59 (sector perform). These raises signal meaningful upside expectations relative to the current share price and reflect bullishness on Devon’s cash flow and merger-driven scale. Read More. Read More.
Positive Sentiment: Regulatory milestone for the Coterra merger — the HSR waiting period has expired, advancing the proposed Devon–Coterra transaction and potentially adding scale and inventory to Devon’s portfolio if completed. That consolidation thesis supports longer-term valuation upside. Read More.
Positive Sentiment: Higher oil prices and technical strength — recent oil rallies and DVN trading above its 50- and 200-day SMAs give operational leverage to Devon’s cash flows and make upside more likely if commodity strength persists. Read More.
Neutral Sentiment: Q1 2026 earnings date set for May 5 (after market close) — useful near-term catalyst; investors will focus on production, realized prices, cash return metrics and any updated merger guidance. The company said the release and presentation will be posted on its website. Read More.
Negative Sentiment: Legal/transaction risk tied to the Coterra deal — a law firm has launched an investor probe into the proposed Devon–Coterra exchange ratio (0.70 Devon shares per Coterra share), which could delay, complicate or change deal terms and adds short-term uncertainty. Read More.
Negative Sentiment: Broader energy-sector weakness today — headlines note major oil names falling in the market, which is the most immediate driver of Devon’s share decline despite company-specific positives; sector flows and macro/geo-political news are increasing short-term volatility. Read More.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on DVN shares. Mizuho upped their target price on shares of Devon Energy from $51.00 to $62.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 17th. Argus upped their target price on shares of Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Jefferies Financial Group upped their target price on shares of Devon Energy from $36.00 to $44.00 in a research report on Monday, March 9th. Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Finally, Raymond James Financial upped their target price on shares of Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.18.

Check Out Our Latest Research Report on Devon Energy

Devon Energy Stock Down 5.6%

The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $29.31 billion, a P/E ratio of 11.32, a PEG ratio of 0.97 and a beta of 0.47. The company’s 50 day simple moving average is $45.58 and its 200-day simple moving average is $38.97.

Devon Energy (NYSE:DVN – Get Free Report) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.10 EPS. Research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, March 13th. This represents a $0.96 annualized dividend and a yield of 2.0%. Devon Energy’s dividend payout ratio is currently 23.02%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in DVN. Woodline Partners LP lifted its stake in shares of Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Devon Energy in the 2nd quarter worth approximately $403,000. Quantbot Technologies LP bought a new position in shares of Devon Energy in the 2nd quarter worth approximately $827,000. Marshall Wace LLP bought a new position in shares of Devon Energy in the 2nd quarter worth approximately $14,105,000. Finally, Amundi lifted its stake in shares of Devon Energy by 3.1% in the 2nd quarter. Amundi now owns 2,395,225 shares of the energy company’s stock worth $80,024,000 after purchasing an additional 71,287 shares during the period. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

(Get Free Report)

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.