Devon Energy price target raised to $87 from $85 at Piper Sandler

Piper Sandler analyst Mark Lear raised the firm’s price target on Devon Energy to $87 from $85 and keeps an Overweight rating on the shares. The analyst previews the Q1 results for the exploration and production space, saying recent acquisitions in the sector highlight the scarcity of core undeveloped inventory. Natural gas remains a key debate with the equities holding in significantly better than the front end of the curve, the analyst tells investors in a research note. It thinks messaging around opportunistic buybacks should prove differentiating in the quarterly results.