Devon Energy upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Devon Energy (DVN) to Overweight from Equal Weight with a price target of $50, up from $42. The company’s “transformative” acquisition of Coterra Energy (CTRA) creates a differentiated exploration and production “rate-of-change story” driven by synergies and portfolio optimization, the analyst tells investors in a research note. The firm expects a “step-function improvement” in Devon’s long-term cash returns.