Susquehanna lowered the firm’s price target on Devon Energy to $63 from $65 and keeps a Positive rating on the shares. The firm reduced natural gas price assumptions through 2026 while keeping crude oil prices flat. Its 2025 natural gas price is now $3.00 per mmbtu from $3.50, and 2026 price was lowered to $3.25 from $3.50. Gas pricing has remained weak in recent months and production will grow in 2025, driven from the return of temporary curtailments and additional pipeline capacity coming online, the analyst tells investors in a research note.
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