XEC - Cimarex Devon upgraded at Evercore ISI in 'new paradigm' across energy

Cimarex Energy ([[XEC]] +6.5%) and Devon Energy ([[DVN]] +9.2%) are surging amid a strong day for oil and gas names, perhaps enjoying an extra boost from upgrades to Outperform from In-Line at Evercore ISI, which sees a "new paradigm" across the E&P sector that should become more insulated against commodity volatility.Analyst Stephen Richardson says Cimarex has "maintained a sharp focus on capital efficiency across the cycle, with enough conviction to grow volumes in order to optimize that, despite the market calling for maintenance investment across the sector more broadly."On Devon, "after emerging from the downcycle as a structurally different company, everything has fallen into place for DVN to generate material cash returns for shareholders (9%-plus yield in 2022) that we feel the market is discounting and still trying to wrap its head around.""We continue to see energy as the ‘tip of whip’ in the re-opening trade," Richardson writes.Devon Energy has

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Cimarex, Devon upgraded at Evercore ISI in 'new paradigm' across energy