Piper Jaffray analyst Pearce Hammond resumed coverage of Devon Energy with a Neutral rating and $41 price target. The rating is unchanged and the price target is raised from $39.

Piper Sandler analyst Mark Lear raised the firm's price target on Devon Energy to $60 from $59 and keeps an Overweight rating on the shares as part of a Q1 preview for the exploration and production group. Energy has been hot, almost too hot, as $90 crude potentially cools the pace of consolidation and investors looking for ways to play the data center and power demand theme turn to gas equities, the analyst tells investors in a research note. The firm adjusted oil and gas price assumptions, expecting crude pricing to remain strong through Q3 and gas pricing pressure to persist through the balance of fiscal 2024.