Devon Energy downgraded to Hold from Buy at Truist

Truist downgraded Devon Energy (DVN) to Hold from Buy with a price target of $43, down from $49, after Devon reported better than expected results with guidance in-line. The firm’s new, “more appropriate” EBITDAX trading multiple/FCF yield “suggests little share price upside,” the analyst tells investors. While the company continues to suggest years of inventory, the firm believes inventory needs to be added in order for Devon to join “the asset ranks of leading large cap E&Ps,” the analyst added.