Bernstein downgraded Devon Energy to Market Perform from Outperform with a price target of $48, down from $62 as part of a broader research note on North American Oil & Gas Exploration/Production names. The company has occupied “core of the core” Delaware acreage for many years, but performance has occasionally been marred by shaky strategic decisions, the analyst tells investors in a research note. The firm adds that it is downgrading Devon Energy due to cyclical timing, despite its robust balance sheet.
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Read More on DVN:
- Devon Energy downgraded to Market Perform from Outperform at Bernstein
- Devon Energy price target lowered to $58 from $62 at Mizuho
- Devon Energy price target lowered to $59 from $60 at JPMorgan
- Devon Energy call volume above normal and directionally bullish
- Devon Energy price target raised to $58 from $54 at BofA