Devon Energy price target lowered to $48 from $52 at BMO Capital

BMO Capital lowered the firm’s price target on Devon Energy to $48 from $52 and keeps an Outperform rating on the shares as part of a broader research note adjusting BMO’s model on the Energy sector. The firm is revising its estimates for the North American Oil and Gas group, U.S. refiners, and Canadian oilfield services companies, noting that crude prices plunged in September, and BMO expects prices to remain near current levels over the balance of the year, the analyst tells investors in a research note.