Marcin Frąckiewicz

May 2, 2026, 8:32 PM EDT. Devon Energy's shares have surged 65% over the past year, closing recently at $50.56. The stock's rise comes amid discussions of a merger with Coterra and strong performance in the U.S. oil and gas sector. Analysts use a Discounted Cash Flow (DCF) model to estimate Devon's intrinsic value at around $291.63 per share, suggesting the shares are undervalued by about 82.7%. This model projects free cash flow growing from $1.41 billion currently to $8.60 billion by 2035. Devon has delivered strong returns of 33.5% year-to-date and 148.1% over five years. The company's capital allocation and reinvestment strategies remain key focal points as investors assess if current prices reflect true value.