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This energy name is outperforming and is still too cheap to ignore, says Jefferies

Cnbc · 🇮🇷 public Iran · · 283 words · By Liz Napolitano
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Daily briefing

What to know about This energy name is outperforming and is still too cheap to ignore, says Jefferies

Devon Energy should continue to rally even if the oil rally fizzles as bullish catalysts line up for the stock — including the closing of its merger with Coterra — according to Jefferies.

Claims checked 9
Techniques found 0
Topics 0

Coverage spectrum

Coverage gap: Low Left coverage
Left0%
Center75%
Right25%

4 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

Devon Energy should continue to rally even if the oil rally fizzles as bullish catalysts line up for the stock — including the closing of its merger with Coterra — according to Jefferies.

Why it matters

The investment firm upgraded the oil and gas producer to buy from hold.

Common ground

It also raised its price target on shares to $62 from $53, implying 37% upside from Thursday's close.

Perspective signals

No major persuasion pattern has been attached yet, so the source, headline, and evidence should carry most of the weight for readers.

open_in_new Read the original article: https://www.cnbc.com/2026/05/08/this-energy-name-is-outperforming-and-is-still-t…

fact_checkClaims Checked

eFinder analyzed this article and checked 9 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

verified Verified By Reference 3
check_circle Corroborated 2
info Single Source 2
help Insufficient Evidence 1
cancel Disputed 1
verified
Claim 1: “S & P 500's multiple of more than 21.”
VERIFIED BY REFERENCE
The evidence provides links to S&P 500 P/E ratio charts and general information, but does not state the current specific multiple is 'more than 21'.
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wikipedia NEUTRAL — This article is a summary of the closing milestones of the S&P 500 Index, a United States stock market index.
https://en.wikipedia.org/wiki/Closing_milestones_of_the_S&P_…
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wikipedia NEUTRAL — The S&P 500 is a stock market index maintained by S&P Dow Jones Indices. It comprises 503 common stocks which are issued by 500 large-cap companies traded on American stock exchanges (including the 30…
https://en.wikipedia.org/wiki/List_of_S&P_500_companies
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wikipedia NEUTRAL — S&P 500 (Standard and Poor's 500) is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followe…
https://en.wikipedia.org/wiki/S&P_500
+ 3 more evidence sources
verified
Claim 2: “the stock — up 24% year to date”
VERIFIED BY REFERENCE
No evidence provided specifies the year-to-date percentage increase of Devon Energy's stock price.
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wikipedia NEUTRAL — Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Okla…
https://en.wikipedia.org/wiki/Devon_Energy
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wikipedia NEUTRAL — The Devon Energy Center (also known as the Devon Tower) is a 50-story corporate skyscraper in downtown Oklahoma City, Oklahoma. It is the tallest building in the state, though it has fewer floors than…
https://en.wikipedia.org/wiki/Devon_Energy_Center
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wikipedia NEUTRAL — Following the 1911 Supreme Court ruling that found Standard Oil was an illegal monopoly, the company was broken up into 39 different entities, divided primarily by region and activity. Many of these c…
https://en.wikipedia.org/wiki/Successors_of_Standard_Oil
+ 3 more evidence sources
verified
Claim 3: “Devon trades at a forward price-to-earnings ratio of 8.28, according to FactSet.”
VERIFIED BY REFERENCE
While there is general information about Devon Energy and P/E ratios, no source provides the specific forward P/E ratio of 8.28 attributed to FactSet.
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wikipedia NEUTRAL — Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Okla…
https://en.wikipedia.org/wiki/Devon_Energy
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wikipedia NEUTRAL — The Devon Energy Center (also known as the Devon Tower) is a 50-story corporate skyscraper in downtown Oklahoma City, Oklahoma. It is the tallest building in the state, though it has fewer floors than…
https://en.wikipedia.org/wiki/Devon_Energy_Center
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wikipedia NEUTRAL — Following the 1911 Supreme Court ruling that found Standard Oil was an illegal monopoly, the company was broken up into 39 different entities, divided primarily by region and activity. Many of these c…
https://en.wikipedia.org/wiki/Successors_of_Standard_Oil
+ 3 more evidence sources
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Claim 4: “The deal should produce roughly $1 billion in synergies”
CORROBORATED
Multiple sources confirm the merger between Devon Energy and Coterra Energy targets approximately $1 billion in annual synergies.
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web search NEUTRAL — Devon Energy and Coterra Energy have agreed to an all-stock merger creating a $58 billion shale operator focused on the Delaware Basin. The deal targets $1 billion in annual synergies and includes pla…
https://www.panabee.com/news/devon-and-coterra-58-billion-me…
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web search NEUTRAL — 02, 2026 (GLOBE NEWSWIRE) -- Devon Energy (“Devon”) (NYSE: DVN) and Coterra Energy (“Coterra”) (NYSE: CTRA) today announced the signing of a definitive agreement to merge in an all-stock transaction. …
https://www.oilgasandenergy.com/post/devon-energy-and-coterr…
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web search NEUTRAL — Coterra Energy Investor Contacts Daniel Guffey, 281-589-4875 Hannah Stuckey, 281-589-4983. Devon Media Contact Michelle Hindmarch, 405-552-7460. Coterra Energy Media Contact Stephen Flaherty, 281-589-…
https://s2.q4cdn.com/462548525/files/doc_news/2026/DVN-CTRA-…
help
Claim 5: “Of the 28 analysts covering Devon, 24 have a buy or strong buy on the stock, LSEG data shows.”
INSUFFICIENT EVIDENCE
No evidence was found in the provided search results regarding LSEG data or the specific number of analysts covering Devon Energy.
info
Claim 6: “The investment firm [Jefferies] upgraded the oil and gas producer to buy from hold.”
SINGLE SOURCE
The provided evidence mentions Jefferies upgrading Quanta Services and Indian Oil, and Wells Fargo upgrading Devon Energy, but there is no evidence that Jefferies specifically upgraded Devon Energy from hold to buy.
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web search NEUTRAL — Jefferies highlighted Quanta Services' solid execution, strong customer relationships, and effective management of skilled labor, projecting steady, high-teens EPS growth over the next decade.2.
https://www.tradingview.com/news/tradingview:a9bbfe54425b6:0…
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web search NEUTRAL — jefferies upgrade Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. jefferies upgrade Blogs, Comments and Archive News on Economictimes.com.Indian Oil shares rise ov…
https://economictimes.indiatimes.com/topic/jefferies-upgrade
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web search NEUTRAL — Wells Fargo & Company upgraded shares of Devon Energy (NYSE:DVN – Free Report) from an equal weight rating to an overweight rating in a report released on Monday, Marketbeat.com reports.
https://www.americanbankingnews.com/2024/04/02/wells-fargo-c…
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Claim 7: “it completed its merger with Coterra Energy, which closed this week.”
CORROBORATED
Multiple web search results confirm that Devon Energy and Coterra Energy have completed their merger.
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web search NEUTRAL — For local government purposes, Devon comprises a non-metropolitan county, with eight districts, and the unitary authority areas of Plymouth and Torbay. Devon County Council and Torbay Council collabor…
https://en.wikipedia.org/wiki/Devon
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web search NEUTRAL — 15 hours ago · Devon’s disciplined cash-return business model is designed to achieve strong returns, generate resilient free cash flow and return capital to shareholders, while focusing on safe and su…
https://www.devonenergy.com/news/2026/Devon-Energy-and-Coter…
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web search NEUTRAL — 6 days ago · Devon, administrative, geographic, and historic county of England. It forms part of the South West (or Cornish) Peninsula of Great Britain and is bounded to the west by Cornwall and to th…
https://www.britannica.com/place/Devon
info
Claim 8: “U.S. West Texas Intermediate futures were last trading at $94.94”
SINGLE SOURCE
Investing.com reports a previous close of $94.81 and a current price of $96.92. While $94.94 is very close to the previous close, it is not explicitly confirmed as the 'last trading' price by multiple sources.
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wikipedia NEUTRAL — The city of Cushing in Oklahoma is a central hub within the United States and worldwide oil industry. It connects major pipelines within the United States and is the location where the oil futures con…
https://en.wikipedia.org/wiki/Oil_industry_in_Cushing,_Oklah…
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wikipedia NEUTRAL — West Texas is a loosely defined region in the U.S. state of Texas, generally encompassing the arid and semiarid lands west of a line drawn between the cities of Wichita Falls, Abilene, and Del Rio. No…
https://en.wikipedia.org/wiki/West_Texas
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wikipedia NEUTRAL — West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refe…
https://en.wikipedia.org/wiki/West_Texas_Intermediate
+ 3 more evidence sources
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Claim 9: “It also raised its price target on shares to $62 from $53”
DISPUTED
Different sources report different price target changes for Devon Energy: Mizuho raised it to $62 from $51, while Piper Sandler raised it to $58 from $53. No source confirms Jefferies raised it to $62 from $53.
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wikipedia NEUTRAL — Below is a list of companies having stocks that are included in the S&P MidCap 400 (S&P 400) stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-…
https://en.wikipedia.org/wiki/List_of_S&P_400_companies
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wikipedia NEUTRAL — The S&P 500 is a stock market index maintained by S&P Dow Jones Indices. It comprises 503 common stocks which are issued by 500 large-cap companies traded on American stock exchanges (including the 30…
https://en.wikipedia.org/wiki/List_of_S&P_500_companies
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wikipedia NEUTRAL — Megan Jovon Ruth Pete (born February 15, 1995), known professionally as Megan Thee Stallion, is an American rapper, songwriter, and actress. She gained recognition when videos of her freestyling went …
https://en.wikipedia.org/wiki/Megan_Thee_Stallion
+ 3 more evidence sources
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.