Devon Energy price target lowered to $55 from $60 at RBC Capital

RBC Capital lowered the firm’s price target on Devon Energy to $55 from $60 and keeps a Sector Perform rating on the shares. The company’s operational headwinds continue to persist but could start to take a step change in a couple of quarters ad Devon has taken action to enhance capital efficiency including shifting more capital to the Permian and reducing its maintenance production levels, the analyst tells investors in a research note. RBC Capital adds however that investors will need to see evidence of the turnaround before becoming more constructive on the stock.