UPDATE: Canaccord Initiates Devon Energy with Buy on Organic Transition

In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on Devon Energy Corp. DVN with a Buy rating and $75.00 price target. In the report, Canaccord Genuity noted, “We like DVN's organic transition to greater high-margin oil/NGL production. Concurrently, the company is pursuing multiple restructuring options to unlock shareholder value. Restructuring proceeds, along with newly repatriated cash, could fund a significant share buyback program and/or a major US acquisition.” Devon Energy Corp. closed on Monday at $56.44.