Mizuho Raises Devon Energy (DVN) Price Target as Higher Oil Prices Support Outlook

Mizuho Raises Devon Energy (DVN) Price Target as Higher Oil Prices Support Outlook Vardah Gill Sun, May 31, 2026 at 9:29 PM GMT+7 2 min read DVN CL=F Devon Energy Corporation (NYSE:DVN) is included among the 10 Best Long-Term Dividend Stocks to Invest In According to Billionaires.

Mizuho analyst Nitin Kumar raised the firm’s price recommendation on Devon Energy Corporation (NYSE:DVN) to $68 from $62 on May 27. He reiterated an Outperform rating on the shares. The firm expects the effects of the Iran crisis on global oil prices and refining margins to persist for some time. Mizuho increased its 2026 oil price forecast by 25% and its 2027 outlook by 6%. It also raised its projections for US refining cracks by 61% for 2026 and 51% for 2027. According to the analyst, a decline in stock valuations despite strong commodity prices has created an opportunity for investors to seek “alpha” in the US oil and gas sector. Mizuho also updated ratings and price targets across the group.

On May 26, Barclays raised its price goal on Devon Energy to $62 from $54. It kept an Overweight rating on the stock. The firm said declining inventories, reduced OPEC spare capacity, and a “muted” US production response to the Middle East conflict are contributing to a tighter oil market backdrop that is not yet fully reflected in energy stocks. Barclays believes these conditions could lead to a share re-rating for oil-focused exploration and production companies after the conflict. The firm also lowered its near-term gas price outlook due to oversupply and adjusted ratings and price targets across the integrated oil and exploration and production sector.