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Devon Energy Corporation (NYSE:DVN) is included among the 12 Best American Oil Stocks to Buy Now.

Devon Energy Corporation (NYSE:DVN) is a leading US oil and gas producer with a premier multi-basin portfolio touching the Anadarko Basin, Eagle Ford, Marcellus Shale, Powder River Basin, Williston Basin, and anchored by a world-class acreage position in the Delaware Basin.

On June 15, Raymond James trimmed its price target on Devon Energy Corporation (NYSE:DVN) from $72 to $66, but maintained its ‘Strong Buy’ rating on the shares.

The firm’s updated outlook was roughly in line with previous expectations. According to the analyst, investor focus has shifted towards Devon’s upcoming portfolio rationalization, which is viewed as the next major catalyst to help close the stock’s valuation gap compared to its peers.

Devon Energy Corporation (NYSE:DVN) completed its $58 billion merger with Coterra Energy earlier in May. The combined company is one of the largest independent oil and gas producers in the country, with a strong presence in the Permian basin in Texas and New Mexico.

Devon expects to capture $600 million in synergies in 2027. Moreover, the company remains confident in delivering $1 billion of annual pretax synergies on a run-rate basis by year-end 2027.

While we acknowledge the potential of DVN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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