Devon Energy price target lowered to $71 from $82 at Piper Sandler

Piper Sandler lowered the firm’s price target on Devon Energy to $71 from $82 and keeps an Overweight rating on the shares. The analyst adjusted estimates and price targets across the firm’s upstream coverage on the back of updated oil and natural gas price forecasts from Piper’s energy macro research team. Oil is having a difficult time breaking out of the range it’s been in for the past six months, the analyst tells investors in a research note. Piper reduced its Brent and WTI forecasts by $20 per barrel for the second half of 2023 but expects inventory draws to drive upside from here to $85 and $80, respectively.