March 1, 2019 / 10:35 AM / 8 months ago

BUZZ-Devon Energy: RBC downgrades to 'sector perform'

** RBC downgrades Devon Energy to “sector perform” from “outperform,” on downside risk to market expectations on planned asset sales

** Co said its board authorized sale of its assets in Canada and in U.S. Barnett shale patch, to turn Devon into pure-play oil producer

** “We think market expectations are for combined proceeds of $4 bln-4.5 bln but that could prove challenging given current commodity prices, differentials and a small buyer pool” - RBC

** RBC cuts price target to $38 from $39, which still implies 28.7 pct upside from last closing price

** 20 of 35 analysts covering the stock rate “buy” or higher and 15 “hold”; their median PT is $35.50 - Refinitiv data

** Up to Thursday’s close, stock up 30.9 pct this year

Reporting By Geetha Panchaksharam

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