Diamondback up, Devon down again, this time at Barclays
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Barclays analyst Jeanine Wai upgraded Diamondback (NASDAQ:FANG) to buy Wednesday, while downgrading Devon (NYSE:DVN) to hold, the second such downgrade of Devon (DVN) in two days.
Jeanine believes Diamondback (FANG) has underperformed the sector year to date on M&A concerns and the possibility of weaker shareholder returns; following Q1 results and the Company's 57% payout ratio ((div + buyback) / fcf), the Barclays analysts believe it's time for shares to catch up.

Devon (DVN) on the other hand has been a star performer, but following years of outperformance, the company now trades at a 1x multiple premium to sector peers (5.4x 2023e EV / DACF).
Interestingly, Jeanine's coverage averages a 9.3% dividend + share buyback payout in 2022 at strip pricing, suggesting results should improve from Q1 levels.