Wells Fargo analyst Roger Read lowered the firm’s price target on Devon Energy to $51 from $52 and keeps an Equal Weight rating on the shares. The firm says upward revisions to its second half of 2023 and 2024 oil decks result in increased earnings estimates to a majority of its oil coverage. In addition, Wells’ downwardly revised gas deck resulted in lower estimates across most of its gas coverage in 2025.
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