Devon Energy (DVN) rises as oil prices firm and investors focus on pending Coterra merger and upcoming earnings

Devon Energy (DVN) is up 3.0% today. Here is some analysis on what might have caused this price movement.

Analysis: The move likely reflects a tailwind from higher crude prices tied to escalating Middle East supply-risk concerns, which tends to lift U.S. E&P stocks. Incremental optimism around Devon’s pending all-stock merger with Coterra (after clearing a key U.S. antitrust waiting-period milestone) and positioning ahead of Devon’s early-May earnings report may also be supporting the shares.

Details:

Crude prices recently moved higher amid heightened uncertainty around shipping flows through the Strait of Hormuz, raising near-term oil supply risk and improving sentiment toward producers.

Devon disclosed that the Hart-Scott-Rodino (HSR) antitrust waiting period related to its proposed merger with Coterra expired on April 1, 2026, satisfying an important closing condition and keeping a Q2 2026 close on track (subject to other conditions).

Devon scheduled its first-quarter 2026 results for Tuesday, May 5, after the close, with a Q&A-focused conference call on Wednesday, May 6—often a window when investor positioning can become more active.

This could also be partly a “beta” trade: when energy prices jump, investors often rotate toward liquid, large-cap shale names with significant Delaware Basin exposure.

Sources:

Devon Energy, U.S. Securities and Exchange Commission, Associated Press

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$DVN Hedge Fund Activity

We have seen 525 institutional investors add shares of $DVN stock to their portfolio, and 554 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 15,615,049 shares (-78.6%) from their portfolio in Q4 2025, for an estimated $571,979,244
PANAGORA ASSET MANAGEMENT INC added 3,600,731 shares (+42376.5%) to their portfolio in Q4 2025, for an estimated $131,894,776
KIMMERIDGE ENERGY MANAGEMENT COMPANY, LLC added 3,195,862 shares (+56.5%) to their portfolio in Q4 2025, for an estimated $117,064,425
AQR CAPITAL MANAGEMENT LLC removed 2,663,483 shares (-32.4%) from their portfolio in Q4 2025, for an estimated $97,563,382
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 2,314,843 shares (+608.8%) to their portfolio in Q4 2025, for an estimated $84,792,699
MILLENNIUM MANAGEMENT LLC removed 2,299,052 shares (-69.5%) from their portfolio in Q4 2025, for an estimated $84,214,274
VICTORY CAPITAL MANAGEMENT INC added 2,071,021 shares (+17.5%) to their portfolio in Q4 2025, for an estimated $75,861,499

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.

$DVN Congressional Stock Trading

Members of Congress have traded $DVN stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $DVN stock by members of Congress over the last 6 months:

REPRESENTATIVE JULIA LETLOW purchased up to $15,000 on 12/08.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API.

$DVN Analyst Ratings

Wall Street analysts have issued reports on $DVN in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Mizuho issued a "Outperform" rating on 12/12/2025
UBS issued a "Buy" rating on 12/12/2025
Piper Sandler issued a "Overweight" rating on 11/18/2025

To track analyst ratings and price targets for $DVN, check out Quiver Quantitative's $DVN forecast page.

$DVN Price Targets

Multiple analysts have issued price targets for $DVN recently. We have seen 15 analysts offer price targets for $DVN in the last 6 months, with a median target of $52.0.

Here are some recent targets:

Betty Zhang from Scotiabank set a target price of $46.0 on 04/22/2026
Josh Silverstein from UBS set a target price of $60.0 on 04/14/2026
Scott Gruber from Citigroup set a target price of $60.0 on 03/30/2026
Devin McDermott from Morgan Stanley set a target price of $59.0 on 03/27/2026
Gabe Daoud from Truist Securities set a target price of $63.0 on 03/24/2026
Nitin Kumar from Mizuho set a target price of $62.0 on 03/17/2026
Robert Hodges from TD Cowen set a target price of $50.0 on 03/17/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.