Devon Energy Reaches New 12-Month High After Analyst Upgrade

Shares of the oil and gas company hit a new 52-week high following a price target increase from Piper Sandler.

Mar. 12, 2026 at 5:20pm

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Shares of Devon Energy Corporation (NYSE:DVN) reached a new 52-week high during trading on Thursday after Piper Sandler raised their price target on the stock from $59.00 to $67.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy's stock price traded as high as $46.22 before closing at $45.92.

Why it matters

The analyst upgrade and new 52-week high for Devon Energy's stock price reflects growing investor confidence in the company's outlook and performance. As an independent oil and gas exploration and production company, Devon's ability to reach new highs amid market volatility underscores its operational strength and strategic positioning.

The details

Piper Sandler cited Devon Energy's strong financial position and growth potential as reasons for the price target increase. The company has been focused on developing its onshore resource plays through a combination of drilling, completion, and production optimization techniques. Devon's core business activities include identifying and developing energy reserves, operating well programs, and managing reservoir performance to generate production and cash flow.

  • Devon Energy's stock price reached a new 52-week high during mid-day trading on Thursday, March 12, 2026.

The players

Devon Energy Corporation

An independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma.

Piper Sandler

An investment bank and asset management firm that currently has an overweight rating and a $67.00 price target on Devon Energy's stock.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

The new 52-week high for Devon Energy's stock price demonstrates the company's resilience and ability to navigate market challenges, underscoring its strong operational performance and strategic positioning in the oil and gas industry.