Morgan Stanley Downgrades DVN To Equal-Weight

Morgan Stanley has issued a report downgrading Devon Energy (NYSE: DVN) to an Equal-Weight Rating.

According to Morgan Stanley, “E&Ps have outperformed the market by ~10% YTD and we would use recent strength in the commodity to become more selective. We are downgrading Devon Energy to Equal-weight from Overweight as i) relative performance has been strong with DVN outperforming its large-cap peers by ~8% YTD and ii) we no longer see upside to Street expectations and estimates.”

DVN closed at $92.76 yesterday.