Morgan Stanley upgraded Devon Energy to Overweight from Equal Weight with a price target of $52, up from $48. The shares have underperformed peers by 20% year-to-date, driven by degrading well productivity and softer than expected production, the analyst tells investors in a research note. However, the firm says Devon management is taking proactive steps to reverse this trend. It expects the company’s capital efficiency to improve at an above-average rate in 2024 from more investment in the Delaware Basin, high-grading activity in the Williston and reducing appraisal in the Eagle Ford.
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