Devon Energy price target lowered to $60 from $67 at Scotiabank

Scotiabank analyst Paul Cheng lowered the firm’s price target on Devon Energy to $60 from $67 and keeps an Outperform rating on the shares. The analyst believes consensus estimates are too high for the integrated oil, refining and exploration and production space heading into the Q2 reports. Estimates will need to revise lower over the next couple of weeks, the analyst tells investors in a research note. The firm cites “surprisingly weak” refining and lower gas realizations for the target cuts.