Devon Energy (DVN)
U.S. shale producer anchored in the Delaware Basin with a major Marcellus gas position.
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Produces and sells oil, natural gas and NGLs from major U.S. shale regions, with the Delaware Basin contributing more than half of production and cash flow. The Coterra merger added Marcellus gas production, broadening the commodity mix while retaining DVN as the surviving listing.
Explores, develops and produces oil, natural gas and natural gas liquids across five core U.S. operating areas: the Delaware Basin, Marcellus, Rockies, Anadarko and Eagle Ford. The Delaware position in southeast New Mexico and West Texas contributes more than half of production and cash flow, while the Marcellus adds gas-weighted production to a diversified shale portfolio.
Uses horizontal drilling, multi-well development and technology-enabled operating practices to improve drilling, completions and supply-chain efficiency. The recent Coterra merger broadened the commodity mix and left DVN as the surviving listing. Cash generation remains tied to oil, gas and NGL prices, transportation capacity, drilling results and access to permits, water and federal acreage under environmental and land-use rules.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 14, 2026 | Raymond James | Reiterate | Rating: —Target: $64 | Target: $67 |
| Sep 14, 2026 | UBS | Reiterate | Rating: —Target: $54 | Target: $63 |
| Sep 2, 2026 | Seaport Global | Initiate | Rating: —Target: — | Target: $65 |
| Aug 17, 2026 | Barclays | Reiterate | Rating: —Target: $62 | Target: $58 |
| Aug 12, 2026 | Wells Fargo | Target | Target: $66 | Target: $65 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.01B · Total debt $11.74B · Total assets $70.89B · Shareholders' equity $41.75B
- Revenue
- $7.42B
- Operating income
- $2.56B
- Net income
- $1.91B
HistoryDividendAnnual yield
| Institutions | 170.01% | 1.05B shares | |
|---|---|---|---|
| 1,543 holders · as of Jun 30, 2026 | |||
| Insiders | 0.62% | 3.83M shares | |
| 30 holders · as of Sep 14, 2026 | |||
| Strategic holders | 14.31% | 88.74M shares | |
| 1 holder · as of Jan 13, 2021 | |||
| Adds to | 184.94% | ||
620.00M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (620.00M in the company's Sep 22, 2026 report, 1.10B elsewhere); stakes use the report.
These groups come from separate filings that can overlap, so they add to 184.94%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.38% | 95.38M | as of Jun 30, 2026 |
EnCap Partners GP, LLCStrategic | 14.31% | 88.74M | filed Jan 13, 2021 |
Vanguard Capital Management LLCInstitution | 12.15% | 75.35M | as of Jun 30, 2026 |
State Street CorpInstitution | 11.80% | 73.18M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 9.24% | 57.26M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Robert Ferrall III Lowe | officer: EVP EXPLORATION & PRODUCTION | −6,756 | $50.95 |
| Sep 14, 2026 | Clay M. Gaspar | director, officer: PRESIDENT AND CEO | +3,913 | $51.08 |
| Jun 10, 2026 | Andrea Alexander | officer: SVP & CHIEF ADMIN OFFICER | −18,000 | $46.74 |
| May 14, 2026 | Adam M. Vela | officer: SVP & GENERAL COUNSEL | −24,342 | $47.21 |
| May 11, 2026 | Jeffrey L. Ritenour | officer: EVP & CHIEF CORP DEV OFFICER | −70,029 | $46.66 |
- Diamondback Energy
Dominant Permian pure-play; largest independent Delaware Basin operator.
- ConocoPhillips
Largest US-listed E&P; Delaware, Eagle Ford, and Bakken overlap with DVN.
- EOG Resources
Multi-basin US independent with direct Delaware and Eagle Ford overlap with DVN.
- Chord Energy
Premier Williston Basin operator; largest Bakken acreage holder, DVN rival.
- Ovintiv
Multi-basin North American independent; Permian and Anadarko overlap with DVN.
- APA
Permian independent with Egypt/Suriname upside; Delaware Basin overlap with DVN.
- Permian Resources
Second-largest Permian pure-play; Delaware Basin directly overlaps with DVN.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Devon Energy | $47.22 | −0.78% | $52.35B | 11.3 | 9.3 | 2.7 | +83.2% |
| Diamondback Energy | $186.30 | −1.57% | $53.24B | 37.0 | 9.7 | 3.1 | +32.1% |
| ConocoPhillips | $125.79 | −1.37% | $155.37B | 16.9 | 12.7 | 2.5 | +39.7% |
| EOG Resources | $140.51 | −0.62% | $75.30B | 11.0 | 9.0 | 2.8 | +60.5% |
| Chord Energy | $138.09 | −0.96% | $7.85B | 9.3 | 8.3 | 1.2 | +84.0% |
| Ovintiv | $59.41 | −1.29% | $16.65B | 17.3 | 8.2 | 1.7 | +30.0% |
| APA | $43.20 | −1.39% | $15.49B | 9.3 | 8.9 | 1.8 | +10.2% |
| Permian Resources | $21.72 | −1.16% | $18.40B | 14.5 | 9.7 | 3.2 | +55.2% |
| Median | 14.5 | 9.0 | 2.5 | +39.7% |