Scotiabank analyst Paul Cheng lowered the firm’s price target on Devon Energy (DVN) to $41 from $45 and keeps a Sector Perform rating on the shares. The firm expects Q4 results will have a neutral impact on near-term share price performance, the analyst tells investors. Scotiabank believes the risk/reward is fairly balanced, but notes Devon Energy will need to demonstrate sustained outperformance to ease market concerns related to Delaware and the inventory backlog.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on DVN:
- Devon Energy price target raised to $52 from $50 at Barclays
- Devon Energy price target raised to $52 from $47 at Susquehanna
- Devon Energy price target raised to $50 from $42 at Roth Capital
- Devon Energy’s AI Push Brings Efficiency Hopes but Heightened Regulatory, Cybersecurity and Performance Risks
- Devon Energy Earnings Call Flags Cash-Rich Future