Analyst Consensus ?
ConsensusBuy62 ratings
Bullish4572.6%
Neutral1727.4%
Bearish00.0%
Devon Energy Corporation · DVN · FY2025 Q1 · Calendar Q2 2025
Devon pairs higher production with a cost-reduction push
The supplied analysis supports a cautiously constructive operating thesis for Devon: higher production, lower capital guidance, and planned efficiency gains could improve cash generation. The case remains unproven because the largest improvement target is forward-looking and exposed to commodity prices and execution.
Reported After market closeNYSEEnergy
$53.09B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.25
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.38B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-1.0%
Event window
SPY move
+0.4%
Same window
Abnormal move
-1.4%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+3.7%
Up to 20 sessions
DVNSPY benchmark
Ask FN2 about DVN FY2025 Q1
Transcript, numbers and history already loaded
What drove DVN's -1.0% move after FY2025 Q1 earnings?What changed in DVN's guidance and outlook in FY2025 Q1?Give me the bull and bear case for DVN after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the focus shifted from acquisition integration and production growth toward a broader optimization program. The current analysis highlights a $1 billion pretax free-cash-flow improvement target by year-end 2026, a $100 million capital-guidance reduction, AI and real-time analytics deployment, and midstream savings.
Guidance delta
Management analysis describes guidance as raised: oil production exceeded the top end of guidance, capital guidance was reduced by $100 million, and full-year 2025 capex is now $3.7-$3.9 billion.
Key takeaways
- Oil production exceeded the top end of guidance and Q1 free cash flow was $1 billion.
- Management analysis says full-year 2025 capex was reduced to $3.7-$3.9 billion.
- The business-optimization plan targets $1 billion of pretax free-cash-flow improvement by year-end 2026.
- AI, sensors, Simulfrac, and midstream contract changes are central to the efficiency case.
Management priorities
- Deliver the business-optimization plan and its targeted free-cash-flow improvement.
- Maintain the full-year oil-production range of 382,000-388,000 barrels per day.
- Expand AI, sensor, and real-time analytics use across wells.
- Continue dividend growth and quarterly share repurchases.
- Monetize additional midstream assets where appropriate.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$48.92Current
$35Low
$61.05Average
$103High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 9, 2026 |
| UBS | Buy | Buy | Maintain | Oct 7, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 2, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 28, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Sep 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 31, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 17, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 21, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 29, 2026 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Jun 10, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 27, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Apr 22, 2026 |
| TD Cowen | Hold | Hold | Maintain | Mar 17, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Mar 12, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 5, 2026 |
| Roth Capital | Buy | Buy | Maintain | Dec 31, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | May 15, 2025 |
| B of A Securities | Buy | Buy | Maintain | Apr 29, 2025 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 14, 2025 |
| Benchmark | Buy | Buy | Maintain | Feb 20, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 3, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 4, 2024 |
| Stifel | Buy | Buy | Maintain | Apr 23, 2024 |
| Credit Suisse | Buy | Buy | Maintain | Feb 15, 2023 |
| Jefferies | Hold | Hold | Maintain | Oct 19, 2022 |
| Northland Capital Markets | Outperform | Outperform | Maintain | May 5, 2021 |
| Johnson Rice | Buy | Accumulate | Maintain | Mar 9, 2021 |
| MKM Partners | Buy | Buy | Maintain | Nov 2, 2020 |
| Capital One | Overweight | Equal Weight | Upgrade | Aug 26, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Jun 19, 2020 |
| Seaport Global | Neutral | Buy | Downgrade | Oct 10, 2019 |
| Bank of America | Buy | Buy | Maintain | Jul 16, 2018 |
| B. Riley Securities | Neutral | Neutral | Maintain | Jun 11, 2018 |
| B. Riley FBR | Neutral | Neutral | Maintain | Jun 11, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| KLR Group | Buy | Hold | Upgrade | Feb 23, 2018 |
| B. Riley | Neutral | Neutral | Maintain | Feb 6, 2018 |
| Capital One Financial | Equal Weight | Overweight | Downgrade | Jan 10, 2018 |
| Stephens & Co. | Overweight | Equal Weight | Upgrade | Nov 2, 2017 |
| Stephens& Co. | Overweight | Equal Weight | Upgrade | Nov 1, 2017 |
| PiperJaffray | Neutral | Neutral | Maintain | Sep 18, 2017 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 13, 2017 |
| Societe Generale | Buy | Hold | Upgrade | Feb 16, 2017 |
| CLSA | Outperform | Outperform | Maintain | Jun 22, 2016 |
| Wunderlich | Buy | Buy | Maintain | Apr 27, 2016 |
| Deutsche Bank | Buy | Buy | Maintain | Mar 29, 2016 |
| IBERIA Capital Partners | Sector Perform | Sector Perform | Maintain | Mar 8, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Feb 18, 2016 |
| Nomura | Neutral | Neutral | Maintain | Jan 21, 2016 |
| Guggenheim | Buy | Neutral | Upgrade | Nov 12, 2015 |
| Peters & Co. | Perform | Sector Perform | Maintain | Aug 6, 2015 |
| Oppenheimer | Perform | Outperform | Downgrade | Jun 17, 2015 |
| GMP Securities | Buy | Buy | Maintain | Jun 10, 2015 |
| Imperial Capital | Outperform | Outperform | Maintain | May 20, 2015 |
| Cowen & Co. | Outperform | Outperform | Maintain | Apr 28, 2015 |
| Scotia Howard Weil | Sector Outperform | Sector Outperform | Maintain | Dec 16, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Apr 22, 2014 |
| Global Hunter Securities | Neutral | Neutral | Maintain | Nov 8, 2013 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 20, 2013 |
| ISI Group | Neutral | Neutral | Maintain | May 7, 2013 |
| Tudor Pickering | Accumulate | Buy | Maintain | Jul 23, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $48.92. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Betty Jiang | $60 | $48.92 | +22.6% | Oct 9, 2026 |
| UBS | Josh Silverstein | $65 | $47.9 | +32.9% | Oct 7, 2026 |
| BMO Capital | Phillip Jungwirth | $67 | $47.8 | +36.9% | Oct 6, 2026 |
| Raymond James | John Freeman | $67 | $51.23 | +36.9% | Sep 14, 2026 |
| UBS | Analyst unavailable | $63 | $50.23 | +28.8% | Sep 14, 2026 |
| Seaport Global | Analyst unavailable | $65 | $49.03 | +32.9% | Sep 3, 2026 |
| Barclays | Betty Jiang | $58 | $45.85 | +18.5% | Aug 17, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $44.86 | +32.9% | Aug 13, 2026 |
| Susquehanna | Charles Minervino | $63 | $43.96 | +28.8% | Jul 21, 2026 |
| Raymond James | Analyst unavailable | $64 | $42.93 | +30.8% | Jul 16, 2026 |
| UBS | Analyst unavailable | $54 | $43.17 | +10.4% | Jul 15, 2026 |
| Truist Financial | Analyst unavailable | $61 | $42.38 | +24.7% | Jul 9, 2026 |
| Morgan Stanley | Analyst unavailable | $63 | $42.21 | +28.8% | Jun 29, 2026 |
| Goldman Sachs | Neil Mehta | $54 | $43.39 | +10.4% | Jun 23, 2026 |
| Wolfe Research | Doug Leggate | $67 | $43.07 | +36.9% | Jun 22, 2026 |
| Raymond James | John Freeman | $66 | $45.31 | +34.9% | Jun 15, 2026 |
| UBS | Analyst unavailable | $58 | $46.2 | +18.5% | Jun 10, 2026 |
| Evercore ISI | Analyst unavailable | $54 | $44.07 | +10.4% | Jun 10, 2026 |
| Truist Financial | Gabe Daoud | $66 | $44.49 | +34.9% | Jun 1, 2026 |
| Mizuho Securities | Nitin Kumar | $68 | $45.14 | +39.0% | May 27, 2026 |
| Barclays | Analyst unavailable | $62 | $47.22 | +26.7% | May 26, 2026 |
| Morgan Stanley | Analyst unavailable | $66 | $47.44 | +34.9% | May 22, 2026 |
| Jefferies | Analyst unavailable | $62 | $45.31 | +26.7% | May 7, 2026 |
| Raymond James | Strong Buy | $72 | $51.26 | +47.2% | May 5, 2026 |
| Roth Capital | Nick Pope | $57 | $49.48 | +16.5% | Apr 28, 2026 |
| Wells Fargo | Analyst unavailable | $66 | $44.23 | +34.9% | Apr 20, 2026 |
| UBS | Analyst unavailable | $60 | $47.27 | +22.6% | Apr 14, 2026 |
| Morgan Stanley | Analyst unavailable | $59 | $52.07 | +20.6% | Mar 27, 2026 |
| Barclays | Analyst unavailable | $52 | $44.39 | +6.3% | Feb 23, 2026 |
| Susquehanna | Analyst unavailable | $52 | $44.36 | +6.3% | Feb 20, 2026 |
| Roth Capital | Nick Pope | $50 | $45.24 | +2.2% | Feb 19, 2026 |
| UBS | Analyst unavailable | $50 | $42.47 | +2.2% | Feb 4, 2026 |
| Barclays | Analyst unavailable | $50 | $41.11 | +2.2% | Feb 4, 2026 |
| Scotiabank | Paul Cheng | $45 | $40.66 | -8.0% | Feb 3, 2026 |
| Mizuho Securities | Nitin Kumar | $51 | $40.14 | +4.2% | Feb 3, 2026 |
| Susquehanna | Charles Minervino | $45 | $38.54 | -8.0% | Jan 26, 2026 |
| Morgan Stanley | Devin McDermott | $46 | $38.99 | -6.0% | Jan 23, 2026 |
| Barclays | Analyst unavailable | $42 | $38.02 | -14.2% | Jan 21, 2026 |
| Scotiabank | Paul Cheng | $41 | $36.32 | -16.2% | Jan 15, 2026 |
| Bernstein | Analyst unavailable | $42 | $38.01 | -14.2% | Jan 5, 2026 |
| Mizuho Securities | Nitin Kumar | $43 | $37.54 | -12.1% | Dec 12, 2025 |
| UBS | Josh Silverstein | $46 | $37.54 | -6.0% | Dec 12, 2025 |
| Morgan Stanley | Analyst unavailable | $48 | $38.02 | -1.9% | Dec 11, 2025 |
| Susquehanna | Analyst unavailable | $42 | $35.16 | -14.2% | Nov 12, 2025 |
| Susquehanna | Analyst unavailable | $41 | $31.74 | -16.2% | Oct 20, 2025 |
| Roth Capital | Analyst unavailable | $42 | $33.21 | -14.2% | Oct 13, 2025 |
| RBC Capital | Analyst unavailable | $42 | $33.1 | -14.2% | Oct 10, 2025 |
| Scotiabank | Analyst unavailable | $47 | $34.67 | -3.9% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $40 | $34.91 | -18.2% | Oct 7, 2025 |
| Wells Fargo | Hanwen Chang | $43 | $32.87 | -12.1% | Aug 12, 2025 |
| Piper Sandler | Analyst unavailable | $54 | $31.2 | +10.4% | Apr 22, 2025 |
| Raymond James | Analyst unavailable | $40 | $29.48 | -18.2% | Apr 21, 2025 |
| Morgan Stanley | Devin McDermott | $47 | $37.66 | -3.9% | Mar 26, 2025 |
| Williams Trading | Analyst unavailable | $50 | $33.66 | +2.2% | Mar 5, 2025 |
| Williams Trading | Gabriele Sorbara | $54 | $42.87 | +10.4% | Oct 15, 2024 |
| Scotiabank | Paul Cheng | $48 | $41.96 | -1.9% | Oct 10, 2024 |
| Barclays | Betty Jiang | $46 | $39.76 | -6.0% | Oct 2, 2024 |
| Truist Financial | Neal Dingmann | $49 | $38.96 | +0.2% | Sep 30, 2024 |
| Morgan Stanley | Devin McDermott | $51 | $39.45 | +4.2% | Sep 16, 2024 |
| Wells Fargo | Roger Read | $55 | $44.64 | +12.4% | Aug 13, 2024 |
| Scotiabank | Paul Cheng | $60 | $46.42 | +22.6% | Jul 12, 2024 |
| Argus Research | Bill Selesky | $71 | $45.61 | +45.1% | Jun 17, 2024 |
| Morgan Stanley | Devin McDermott | $52 | $48.42 | +6.3% | May 24, 2024 |
| BMO Capital | Phillip Jungwirth | $57 | $49.62 | +16.5% | May 20, 2024 |
| Piper Sandler | Mark Lear | $61 | $49.9 | +24.7% | May 14, 2024 |
| RBC Capital | Scott Hanold | $57 | $50.56 | +16.5% | May 9, 2024 |
| Piper Sandler | Mark Lear | $60 | $51.43 | +22.6% | Apr 19, 2024 |
| Scotiabank | Paul Cheng | $67 | $54.51 | +36.9% | Apr 11, 2024 |
| UBS | Josh Silverstein | $57 | $53.6 | +16.5% | Apr 10, 2024 |
| Wells Fargo | Roger Read | $59 | $50.18 | +20.6% | Apr 1, 2024 |
| Stifel Nicolaus | Derrick Whitfield | $65 | $48.37 | +32.9% | Mar 22, 2024 |
| RBC Capital | Scott Hanold | $60 | $50.89 | +22.6% | Jul 13, 2023 |
| Piper Sandler | Analyst unavailable | $96 | $64.03 | +96.2% | Jan 13, 2023 |
| Barclays | Analyst unavailable | $86 | $64.13 | +75.8% | Dec 7, 2022 |
| Argus Research | Analyst unavailable | $90 | $69.75 | +84.0% | Nov 17, 2022 |
| Raymond James | John Freeman | $90 | $72.74 | +84.0% | Nov 14, 2022 |
| Citigroup | Analyst unavailable | $77 | $65.12 | +57.4% | Sep 21, 2022 |
| Morgan Stanley | Analyst unavailable | $69 | $75.11 | +41.0% | Aug 29, 2022 |
| Mizuho Securities | Analyst unavailable | $91 | $66.7 | +86.0% | Aug 18, 2022 |
| Raymond James | Analyst unavailable | $80 | $57.97 | +63.5% | Jul 26, 2022 |
| Truist Financial | Analyst unavailable | $115 | $55.42 | +135.1% | Jul 19, 2022 |
| Morgan Stanley | Analyst unavailable | $67 | $55.46 | +36.9% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $88 | $55.51 | +79.9% | Jul 19, 2022 |
| Goldman Sachs | Analyst unavailable | $61 | $53.09 | +24.7% | Jul 5, 2022 |
| Piper Sandler | Mark Lear | $97 | $55.11 | +98.3% | Jul 3, 2022 |
| Barclays | Jeanine Wai | $90 | $57.55 | +84.0% | Jun 23, 2022 |
| Credit Suisse | William Janela | $82 | $74.14 | +67.6% | Jun 10, 2022 |
| Mizuho Securities | Vincent Lovaglio | $94 | $77.85 | +92.1% | Jun 10, 2022 |
| Truist Financial | Deal Dingmann | $103 | $78.09 | +110.5% | Jun 9, 2022 |
| Mizuho Securities | Vincent Lovaglio | $92 | $74.9 | +88.0% | Jun 1, 2022 |
| Truist Financial | Deal Dingmann | $100 | $66.75 | +104.4% | May 5, 2022 |
| Credit Suisse | Analyst unavailable | $75 | $58.35 | +53.3% | May 3, 2022 |
| Raymond James | Analyst unavailable | $85 | $58.07 | +73.7% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $68 | $60.71 | +39.0% | Apr 22, 2022 |
| Barclays | Jeanine Wai | $73 | $60.45 | +49.2% | Mar 28, 2022 |
| Raymond James | John Freeman | $70 | $52.67 | +43.1% | Feb 22, 2022 |
| MKM Partners | John Gerdes | $56 | $54.34 | +14.5% | Feb 17, 2022 |
| Credit Suisse | William Janela | $60 | $52.96 | +22.6% | Feb 16, 2022 |
| Siebert Williams Shank & Co | Gabriele Sorbara | $65 | $52.96 | +32.9% | Feb 16, 2022 |
| Truist Financial | Neal Dingmann | $70 | $52.96 | +43.1% | Feb 16, 2022 |
| Susquehanna | Biju Perincheril | $62 | $52.36 | +26.7% | Feb 2, 2022 |
| Morgan Stanley | Devin McDermott | $54 | $50.41 | +10.4% | Jan 25, 2022 |
| Goldman Sachs | Neil Mehta | $52 | $45.36 | +6.3% | Jan 21, 2022 |
| Citigroup | Scott Gruber | $57 | $47.83 | +16.5% | Jan 20, 2022 |
| Barclays | Jeanine Wai | $51 | $50.39 | +4.2% | Jan 17, 2022 |
| Bank of America Securities | Doug Leggate | $57 | $47.7 | +16.5% | Jan 10, 2022 |
| Wolfe Research | Josh Silverstein | $53 | $39.67 | +8.3% | Dec 14, 2021 |
| UBS | Lloyd Byrne | $59 | $40.81 | +20.6% | Nov 17, 2021 |
| Argus Research | Bill Selesky | $53 | $42.45 | +8.3% | Nov 9, 2021 |
| Cowen & Co. | David Deckelbaum | $35 | $37.63 | -28.5% | Oct 13, 2021 |
| BMO Capital | Phillip Jungwirth | $40 | $27.59 | -18.2% | Aug 26, 2021 |
| Evercore ISI | Stephen Richardson | $35 | $23.99 | -28.5% | Aug 4, 2021 |
| Bernstein | Bob Brackett | $37 | $27.13 | -24.4% | Jun 21, 2021 |
Track every rating change on DVN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAs an independent energy producer, Devon Energy Corporation primarily focuses on the exploration, development, and extraction of oil, natural gas, and natural gas liquids within the United States. The company manages roughly 5,134 gross wells. Established in 1971, its corporate headquarters are located in Oklahoma City, Oklahoma.
Historical context
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-22T00:02:47.536505+00:00
- Polygon adjusted daily market bars · 2026-10-12T17:20:42.645279+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-12T17:20:42.642206+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-12. For educational purposes only; not investment advice.