Jefferies Maintains Buy on Devon Energy

Jefferies is out with its report today on Devon Energy

, maintaining Buy. In a note to clients, Jefferies writes, "With its strategic repositioning complete, DVN is ramping up onshore activities (including new ventures) with a preference towards liquids projects. We continue to like DVN for its valuation ($16 below its P1 value) and increasing liquids exposure." Jefferies maintains a $106 PT on DVN. At the time of posting, shares of DVN were trading pre-market at $78.02, up 0.05% from Tuesday's close.