Devon Energy price target raised to $54 from $53 at Raymond James

Raymond James raised the firm’s price target on Devon Energy (DVN) to $54 from $53 and keeps an Outperform rating on the shares. The fourth quarter was “forgettable” from a stock performance perspective, but has set the Exploration and Production group up nicely going into the New Year, the analyst tells investors in a research note. The firm expects largely in-line results from its coverage, and notes that efficiency gains continued at a pace that almost nobody anticipated, production growth is largely not the goal, and looks like a by-product of these efficiency gains, and says that it expects acquisitions to continue.