UPDATE: Morgan Stanley Downgrades Devon Energy (DVN) to Equalweight

Morgan Stanley analyst Devin McDermott downgraded Devon Energy (NYSE: DVN) from Overweight to Equalweight with a price target of $32.00 (from $28.00).

The analyst comments "Since executing a well-structured merger with WPX, DVN has outperformed peers by ~10%. Now, we view DVN offers a more balanced risk reward as it is trading in-line with peers at 4.3x2022 EV/EBITDAX and a 13% FCFyield (vs. peer median at 16%). That said, DVN remains well positioned given its portfolio of upstream assets, financial strength,and differentiated shareholder return framework."

For an analyst ratings summary and ratings history on Devon Energy click here. For more ratings news on Devon Energy click here.

Shares of Devon Energy closed at $27.59 yesterday.

You May Also Be Interested In

• Cellebrite (CLBT) PT Lowered to $15 at DA Davidson Following Q2 Miss
• Applied Materials (AMAT) PT Raised to $700 at Bernstein SocGen Group
• Applied Industrial Technologies (AIT) PT Raised to $400 at DA Davidson