Devon Energy price target lowered to $67 from $69 at Truist

Truist analyst Neal Dingmann lowered the firm’s price target on Devon Energy to $67 from $69 and keeps a Buy rating on the shares after its Q1 earnings beat. The company has done a solid job YTD with operational efficiencies across various basins, and the firm believes it will continue to do so, the analyst tells investors in a research note. In the Delaware Basin, Devon’s well productivity will continue to materially improve as the company allocates the majority of funds to the play given the ample low breakeven inventory in the area, Truist adds.