Devon Energy price target lowered to $55 from $59 at Barclays

Barclays lowered the firm’s price target on Devon Energy to $55 from $59 and keeps an Equal Weight rating on the shares. The analyst says the Q2 results for the oil and exploration and production space generally fared better than expected with higher production, better cost, and lower capex. U.S. production remains resilient as operators continue to find efficiency gains, the analyst tells investors in a research note. The firm points out that companies with improving second half of 2024 and 2025 outlooks and/or increased buyback have outperformed.