Citi analyst Scott Gruber raised the firm’s price target on Devon Energy to $62 from $55 and keeps a Buy rating on the shares. The analyst says Devon presents one of the more debated exploration and production stories in 2024 given the potential for an operational turnaround and prospects for big acquisitions. Well productivity from Delaware wells continues to trend strongly, the analyst tells investors in a research note. Citi raised the stock’s multiple to account for the likelihood that investors reward improved productivity and capital efficiency with higher valuation multiples.
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