Devon Energy price target lowered to $50 from $55 at Wells Fargo

Wells Fargo lowered the firm’s price target on Devon Energy to $50 from $55 and keeps an Overweight rating on the shares. The firm adjusted estimates in the exploration and production group to reflect its updated commodity price decks and investment outlook. Wells’ long-term oil and gas price deck expectations remain $80 for Brent and $3.50 for Henry Hub. If operational efficiency gains persist and service costs ease further, the E&Ps could sustain stronger capital efficiency throughout 2025, the analyst tells investors in a research note. The firm believes this might offset the impacts of resource maturity.