With a market cap of $22 billion, Devon Energy Corporation (DVN) is an independent energy company focused on the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. Following the sale of its Canadian and Barnett Shale assets, the company now concentrates exclusively on U.S.-based oil operations. 

Companies valued at $10 billion or more are generally considered "large-cap" stocks, and Devon Energy fits this criterion perfectly. The company’s core operations are concentrated in key onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston, and Powder River.

Shares of the Oklahoma City, Oklahoma-based company pulled back 30.4% from its 52-week high of $49.35. Devon Energy’s shares have fallen 1.2% over the past three months, underperforming the broader S&P 500 Index’s ($SPX) nearly 8% gain over the same time frame. 

In the longer term, shares of the oil and gas exploration company have decreased 26.7% over the past 52 weeks, lagging behind the 11.5% return of the SPX over the same time frame. However, DVN stock is up 4.9% on a YTD basis, exceeding SPX’s 2.8% rise.

Despite a few fluctuations, the stock has been trading mostly below its 50-day and 200-day moving averages since last year. 

Despite reporting better-than-expected Q1 2025 revenue of $4.5 billion on May 6, Devon Energy shares fell about 1% the next day as it missed adjusted EPS expectations, reporting $1.21. An 8% drop in realized oil prices to $69.15 per barrel offset a 22.7% increase in production to 815 MBoepd. Investor concerns also stemmed from weaker Brent crude prices and trade war fears, despite a raised oil production forecast and a $100 million cut in capital spending.

In comparison, rival ConocoPhillips (COP) stock has dropped 15.6% over the past 52 weeks, a less pronounced decline than DVN stock. Nevertheless, COP stock has declined 4.5% on a YTD basis, lagging behind DVN’s performance during the same period. 

Despite the stock’s weak performance over the past year, analysts remain moderately optimistic on DVN. The stock has a consensus rating of “Moderate Buy” from the 25 analysts covering the stock, and as of writing, it is trading below the mean price target of $43.24.