Citigroup Forecasts Strong Price Appreciation for Devon Energy Stock

Analysts raise price target on energy company's shares

Mar. 30, 2026 at 6:22pm

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An extreme close-up of large, metallic oil and gas industry machinery and equipment, conveying the physical scale and industrial nature of the energy sector as a visual metaphor for Devon Energy's business.Citigroup's bullish forecast on Devon Energy stock reflects the energy company's operational strength and growth potential in the current market environment.Oklahoma City Today

Citigroup analysts have increased their price target for Devon Energy (NYSE: DVN) stock from $44 to $60, maintaining a 'buy' rating on the energy company's shares. The analysts cited Devon Energy's strong performance and growth potential in their research report.

Why it matters

This positive outlook from a major investment bank signals that Wall Street sees significant upside in Devon Energy's stock price. The increased price target suggests analysts believe the company is well-positioned to capitalize on favorable industry trends and deliver strong returns for investors.

The details

Citigroup's research report highlighted Devon Energy's operational execution and ability to generate free cash flow. The analysts believe the company's focus on capital discipline and shareholder returns will continue to drive its stock price higher. Devon Energy has also benefited from rising energy prices and improved market conditions in the oil and gas sector.

  • Citigroup issued the updated research report on March 30, 2026.

The players

Citigroup

A major global investment bank and financial services company.

Devon Energy

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

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What’s next

Investors will be closely watching Devon Energy's upcoming quarterly earnings report and any further updates from Wall Street analysts on the company's outlook.

The takeaway

This positive assessment from Citigroup underscores the strong performance and growth potential of Devon Energy, a leading independent oil and gas producer. The increased price target suggests Wall Street sees significant upside in the company's shares.