Mizuho Reaffirms Outperform Rating on Devon Energy Corporation (DVN) as Q4 Revenue Beats Estimates at $4.12 Billion

Devon Energy Corporation (NYSE:DVN) ranks among the best spring stocks to buy right now. Mizuho reaffirmed its Outperform rating and $51 price target for Devon Energy Corporation (NYSE:DVN) on February 18. The company raked in adjusted earnings per share of $0.82, which matched the average estimate. Meanwhile, revenue for the quarter came in at $4.12 billion, beating analyst projections of $4.03 billion. Devon Energy Corporation (NYSE:DVN) also outperformed expectations in terms of free cash flow and EBITDA, according to Mizuho.

Although winter storm Fern affected first-quarter 2026 volumes, causing them to fall slightly short of projections, standalone 2026 guidance was largely in line with expectations. The company’s Business Optimization Plan, which aims to save about $1 billion overall, is 85% accomplished and on schedule for the end of 2026.

Devon Energy Corporation (NYSE:DVN) also reported a roughly 15% ownership investment in Fervo Energy through a Series E funding deal. Mizuho stated that it will seek more details on how the Fervo Energy investment relates to the merged company’s shale and Delaware Basin inventories.

Devon Energy Corporation (NYSE:DVN) is a prominent player in the United States energy market, specializing in the exploration, development, and production of oil, natural gas, and natural gas liquids.

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