Devon Energy price target lowered to $55 from $57 at Wells Fargo

Wells Fargo analyst Roger Read lowered the firm’s price target on Devon Energy to $55 from $57 and keeps an Overweight rating on the shares as part of a broader research note on the Exploration & Production sector following Q2 results and reflecting revisions to proved reserves, development schedule and well cost assumptions. The company posted strong oil production growth as well as beats on free cash flow, and the management attributed the production beats to its Delaware position, which accounted for 65% of volume during the period, the analyst tells investors in a research note.