| Citi's Oil Vision Highlights Value In Devon Shale Portfolio | |
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In a report published Thursday, Citi analysts maintained their Buy rating on Devon Energy Corp (NYSE: DVN). The price target is set to $78. The analysts say that the global oil supply curve has begun to flatten for the first time in 10 years.
"This is a function of the continued expansion and cost-improvement in US shale plays, as well as signs that expanding capacity in oil field services is generating lower prices throughout the supply-chain," the analysts explained.
U.S. shale plays are expected to continue to do well, with the Mid-Continent, Permian and Eagle Ford shales likely to become large assets in the 2nd quartile of the supply curve. Liquid-rich North American shale plays already account for a large part of the 2nd/3rd quartile.
According to the analysts, Devon's stock still holds value for the investor. "While many of the high-quality shale plays are already well valued by the market, we believe investors can still get good value exposure in Devon," Imperial Capital added.
Latest Ratings for DVN
Date | Firm | Action | From | To |
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Mar 2015 | Credit Suisse | Maintains | | Outperform | Feb 2015 | Jefferies | Maintains | | Buy | Feb 2015 | Deutsche Bank | Maintains | | Buy |
View More Analyst Ratings for DVN
View the Latest Analyst Ratings
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Devon Energy Corporation
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CODE : DVN |
ISIN : US25179M1036 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Devon Energy is a and oil producing company based in United states of america. Devon Energy holds various exploration projects in Canada. Its main exploration property is JACKFISH OIL SANDS PROJECT in Canada. Devon Energy is listed in United States of America. Its market capitalisation is US$ 27.2 billions as of today (€ 25.6 billions). Its stock quote reached its lowest recent point on August 18, 1995 at US$ 10.00, and its highest recent level on February 22, 2008 at US$ 99.19. Devon Energy has 525 000 000 shares outstanding. |