BUZZ-Benchmark upgrades Devon Energy to 'buy'

Benchmark upgrades oil and gas producer Devon Energy DVN.N to "buy" from "hold"

Maintains PT at $44

DVN shares rise ~1% to $37.11 premarket

Brokerage says DVN has underperformed other large cap oil cos due to mergers and acquisitions (M&A) within the sector

Benchmark expects operational beats and share buybacks will better reflect in company's stock performance without the M&A distraction

"Strong weather-related demand, exports and disciplined supply will result in year-on-year storage deficits, boosting regional prices" - Benchmark

Twenty of 32 brokerages rate the stock "buy" or higher, 12 "hold"; their median PT is $48 - data compiled by LSEG

Stock was down 21.5% in 2024

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))