Second Oklahoma City-based energy company announces move to Houston

Morningstar screened US stocks in its Dividend Composite Index covered by its analysts for undervalued names that raised dividends by at least 2% in May, excluding those with yields below 1.07%. Four companies qualified: PepsiCo, Lowe’s, Northrop Grumman, and Devon. Morningstar also assigned “Exemplary” capital allocation ratings to PepsiCo, Lowe’s, Northrop, and Devon, citing dividend growth and balance-sheet strength.

Barclays downgraded Expand Energy (NASDAQ:EXE) to “Equal Weight” from “Overweight” and cut its price target to $110 from $127, citing a weaker gas outlook and a less certain near-term catalyst path. On April 29, management said Q1 2026 focused on marketing and commercial optimization, targeting ~$0.20 margin improvement per unit and ~$500M repeatable incremental free cash flow annually, including nearly $90M from volatility capture.

Mizuho raised its Devon Energy (DVN) price target to $68 from $62 and kept an “Outperform” rating on May 27, citing prolonged effects from the Iran crisis and higher refining crack forecasts. Mizuho lifted 2026/2027 oil price outlooks by 25%/6% and U.S. refining crack forecasts by 61%/51%. A Reuters poll also raised 2026 oil forecasts, with Brent at $90.44 and U.S. crude at $84.63.

Analyst firms updated Devon Energy (DVN) ratings and price targets in June and May. Capital One cut its target to $61 (overweight); Truist raised to $66 (buy); Mizuho raised to $68 (outperform); Barclays raised to $62 (overweight). Zacks downgraded to hold. Devon also increased its quarterly dividend to $0.32/share, payable June 30 to holders of record June 15.

A Globe and Mail research roundup by Scott Barlow says BMO analyst Tom Callaghan views Canadian seniors housing as an attractive entry after recent weakness. He cites ~4% average declines in Chartwell, Extendicare and Sienna over three weeks. Separately, Scotiabank expects defence spending under Carney’s strategy to drive $180B procurement and $290B infrastructure over 10 years. TD economist Robert Both outlines USMCA review scenarios for July 1.

Iran is reviewing a new U.S. ceasefire proposal, with Mehr Agency saying it is being assessed, helping cap Brent upside at about $95/bbl for now. Separately, Ukraine says it struck 15 Russian refineries from January-May, while Reuters reports Russian seaborne crude exports averaged 3.46m b/d in 2026 to date. OPEC+ is expected to raise output by 188,000 b/d.