Devon Energy Corp. shares rose for a third consecutive day. The stock breached the $50 mark and is on track for its second green week.
Brent crude prices surpassed $109 per barrel amid escalating Middle East tensions. Stifel resumed coverage on Wednesday with a Buy rating and a $61 price target.
Retail investor interest increased as social media sentiment turned bullish. Analysts expect a potential valuation re-rating as Devon optimizes assets following its merger with Coterra Energy. The company currently trades at a discount relative to its industry peers.