Devon Energy price target lowered to $50 from $58 at Siebert Williams

Siebert Williams lowered the firm’s price target on Devon Energy (DVN) to $50 from $58 and keeps a Buy rating on the shares. The firm believes the “elevated” OPEC+ spare capacity, uncertain global demand, the unclear impact of tariffs, and President Trump’s desire for lower oil prices bring “numerous concerns” that will weigh on oil prices and oil and gas exploration and production valuations. Along with reduced estimates on lower commodity prices, Siebert Williams downgraded Civitas Resources (CIVI) and Vital Energy (VTLE) to Hold, citing their less attractive overall relative valuations at the firm’s revised price deck.