Devon Energy price target lowered to $57 from $65 at Piper Sandler

Piper Sandler lowered the firm’s price target on Devon Energy to $57 from $65 and keeps an Overweight rating on the shares. The firm reduced its gas price forecasts to reflect the view that the gas market remains over-supplied. Piper reduced its mid-cycle gas price forecast to $3.25 from $4 as it anticipates operating efficiencies and improving cycle times will continue to drive a lower marginal cost of supply. It also trimmed its intermediate-term oil forecast.