Stephens upgraded Devon Energy (NYSE: DVN) from Equal Weight to Overweight with a price target of $53.00 (from $48.00).

Analyst Ben Wyatt is positive on the company noting gains in efficiency are starting to kick in as full field development draws near. The analyst believes the recent improvements should solidify DVN's core portfolio as top-tier.

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 $39.08 yesterday.