JPMorgan analyst Arun Jayaram raised the firm’s price target on Devon Energy to $62 from $57 and keeps an Overweight rating on the shares after meeting with management. The company seems ahead of schedule with its self-help initiatives designed to engineer a turnaround in its capital efficiency and stock price, the analyst tells investors in a research note. The key initiatives include shifting to higher levels of Delaware Basin activity, high-grading in the Delaware Basin and other basins to drive a significant rebound in well productivity, and taking advantage of the slack in the North America services market to drive lower capex from cost deflation and faster cycle times, says the firm.
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