Devon Energy initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Roger Read initiated coverage of Devon Energy with an Equal Weight rating and $70 price target. The company’s recent acquisitions and its existing resource base support Devon’s goal of annual production growth of up to 5% per year, though a neutral rating reflects the market’s recognition of the stock’s recent performance, the analyst tells investors in a research note. Wells Fargo further states that it would prefer for more of Devon’s free cash flow to be directed to the share repurchase program to further improve per share metrics over time.