Devon Energy price target lowered to $38 from $44 at Barclays

Barclays analyst Betty Jiang lowered the firm’s price target on Devon Energy (DVN) to $38 from $44 and keeps an Equal Weight rating on the shares as part of a Q1 preview for the integrated oil and exploration and production group. The focus will be on the macro environment this quarter, as companies with low break-evens and strong balance sheets show better protection in a low oil price environment, the analyst tells investors in a research note. Barclays lowered its oil price deck for 2025 and 2026 to $60 and $65, respectively, and sees uncertainties persisting.