Wells Fargo analyst Roger Read lowered the firm’s price target on Devon Energy (DVN) to $49 from $50 and keeps an Overweight rating on the shares. The firm notes Devon delivered solid Q3 results and Q4 guide. Investor sentiment remains lukewarm likely due to initial 2025 outlook and concerns about Permian inventory depth, Wells adds. The firm expects Devon to sustain strong capital efficiency in 2025 with upside in oil vols.
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