** Raymond James cuts price target on oil and gas company Devon Energy DVN.N to $46 from $54

** DVN shares down 1.2% in a low-oil-price environment

** New price target represents a 32.5% upside to the stock's last close

** Brokerage lowers price target due to much weaker oil strip, meaning that the expected future prices of oil have gone down since last report

** "We see significant opportunity for efficiency gains in the Eagle Ford this year, as DVN now has full control over the pace and development of the 550 remaining undrilled locations in the Blackhawk Field," - Raymond James

** Including session's moves, stock up 5.1% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))