Morgan Stanley raised the firm’s price target on Devon Energy (DVN) to $49 from $46 and keeps an Overweight rating on the shares. With Q2 results, many oil and gas producers highlighted cash flow tailwinds from efficiency gains and reduced taxes, notes the analyst, whose 2026 free cash flow estimates among the group are rising by an average of 7% at flat commodity prices. However, the sector already reflects much of this uplift as it has been outperforming oil by about 7% over the past two weeks, the analyst added.
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