William Blair analyst Neal Dingmann has maintained their bullish stance on DVN stock, giving a Buy rating yesterday.
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Neal Dingmann has given his Buy rating due to a combination of factors, including Devon’s stronger-than-expected first-quarter 2026 earnings and free cash flow, which benefited from higher oil output and lower capital spending. He views the pending Coterra merger as a significant value driver, positioning the combined company favorably within the current commodity upcycle.
Although he anticipates the stock may trade only in line with or slightly below peers near term because updated post-merger guidance will not arrive until mid-June, he sees this as a timing issue rather than a fundamental concern. In his view, the pro forma business offers attractive upside potential, especially if management swiftly executes strategic portfolio moves to exit noncore assets after closing the transaction.
In another report released yesterday, Raymond James also upgraded the stock to a Buy with a $72.00 price target.