Devon Energy resumed with a Hold at Jefferies

Jefferies resumed coverage of Devon Energy with a Hold rating and $45 price target following following the close of the Grayson Mill acquisition. The firm says Grayson adds depth to Devon’s Bakken position and will be accretive to free cash flow generation as development activity is optimized. While investors remain focused on the Delaware duration and results from its foundational play, the added Bakken scale “is a positive step,” the analyst tells investors in a research note.