Devon Energy Corp.

Initiating coverage on Devon Energy with a Buy rating and a $51.00 price target, underpinned by low-cost Delaware Basin inventory and a disciplined return-of-capital framework.

We model free cash flow generation across a range of commodity decks, with sensitivities on realized pricing, differentials, and capital efficiency.

Risks include commodity volatility, service cost inflation, and regulatory shifts in core operating basins. The price target was met on September 15, 2026, and the position is under review by the Energy & Financials team.