Seaport Global Initiates Coverage of Devon Energy (DVN) at Buy
Fintel reports that on September 3, 2026, Seaport Global initiated coverage of Devon Energy (NYSE:DVN) with a Buy recommendation.
Devon Energy Corporation is a United States-based oil and natural gas exploration and production company with a strategic asset base concentrated in the Delaware Basin, a subset of the Permian Basin. On September 2, 2026, the day before the coverage initiation, Devon Energy's stock closed at $49.03. On September 3, 2026, the day of the initiation, the stock closed at $48.80. This latest close of $48.80 represents a one-week price increase of 3.57% from the baseline close of $47.12 on August 27, 2026, and a one-month price increase of 9.49% from the baseline close of $44.57 on August 3, 2026.
As of August 28, 2026, the broader consensus target price for Devon Energy was a mean of $59.73 and a median of $61.20. This mean target represents an implied change of 22.40% from previous levels. The prior consensus target mean was $60.18 as of August 4, 2026, representing a revision of -0.75%. According to recommendation data from September 1, 2026, the aggregate analyst sentiment consisted of 33 total recommendations: 11 strong buy, 18 buy, 3 hold, 1 sell, and 0 strong sell ratings. This represents 87.9% positive, 9.1% hold, and 3.0% negative recommendations. In comparison, the prior recommendation period as of August 1, 2026, consisted of 11 strong buy, 17 buy, 3 hold, 1 sell, and 0 strong sell ratings.
Other recent analyst actions preceding Seaport Global's initiation include Citigroup maintaining a Buy rating on August 31, 2026. Earlier in August, Argus Research reiterated a Buy rating and Barclays maintained an Overweight rating on August 17, 2026. Wells Fargo maintained an Overweight rating on August 13, 2026, and Truist Securities maintained a Buy rating on August 6, 2026.
Devon Energy reported its second-quarter 2026 financial results on August 4, 2026. The company posted actual earnings per share of 1.57, exceeding the analyst estimate of 1.4065 by a surprise of 11.62%. Actual revenue reached $7,417,000,000, compared to the estimated $6,311,979,749. According to the company's Form 10-Q filed with the SEC on August 5, 2026, for the quarterly period ended June 30, 2026, Devon Energy is headquartered at Three Memorial City Plaza, 840 Gessner Road, Suite 1400, Houston, Texas. In its earnings press release filed as Exhibit 99.1 on August 4, 2026, Devon Energy stated that its full-year 2026 guidance remained unchanged from June. For the third quarter of 2026, the company expected total production to average between 1,660,000 and 1,690,000 Boe per day, with oil production averaging between 550,000 and 560,000 barrels per day. Capital spending for the third quarter of 2026 was projected to be between $1,400 million and $1,500 million.
Recent analyst actions
| Date | Analyst | Prior | Latest recommendation | Action |
|---|---|---|---|---|
| September 3, 2026 | Seaport Global | Buy | initiated coverage | |
| August 31, 2026 | Citigroup | Buy | Buy | maintained |
| August 17, 2026 | Argus Research | Buy | Buy | reiterated |
| August 17, 2026 | Barclays | Overweight | Overweight | maintained |
| August 13, 2026 | Wells Fargo | Overweight | Overweight | maintained |
| August 6, 2026 | Truist Securities | Buy | Buy | maintained |
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This story originally appeared on Fintel.