Devon Energy price target lowered to $69 from $81 at Truist

Truist analyst Neal Dingmann lowered the firm’s price target on Devon Energy to $69 from $81 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the E&P sector. While a number of companies in the group are continuing to increase production last quarter to new record levels, free cash flow for most operators will be down by over 50% given significantly lower commodity prices, the analyst tells investors in a research note. The firm adds however that the low trading multiples, attractive cash flow yields, and strong balance sheets result in its continued overweight stance on the sector.