Devon Energy price target raised to $87 from $70 at Truist

Truist raised the firm’s price target on Devon Energy to $87 from $70 and keeps a Buy rating on the shares as part of a broader research note in E&P. The upstream group has surprisingly begun the year lagging the broader indices largely due to inflationary concerns impacting oil demand and materially lower natural gas prices, but the firm believes that the group will "significantly outperform" the broader indices in the second half of the year and in 2024, much as the E&Ps did for 2021 and 2022, the analyst tells investors in a research note. Numerous company conversations are suggesting continued capital discipline and strong shareholder returns for the group, Truist adds.