Devon Energy price target lowered to $64 from $67 at Truist

Truist lowered the firm’s price target on Devon Energy to $64 from $67 and keeps a Buy rating on the shares. The reaction to the company’s announced Bakken acquisition was mixed with the stock slightly underperforming on the day, though while many investors were hoping for an earlier Permian deal or potentially no deal, the acquired assets nicely boost free cash flows, resulting in the company having among the best free cash flow yields among large caps next year, the analyst tells investors in a research note. Truist adds however that despite the deal’s acrretion, its price target cut is due to the “premium the Permian continues to command”.