| Credit Suisse Reiterates Outperform, Raises PT On Devon Energy On Lower Estimates | |
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In a report published Monday, Credit Suisse analyst Arun Jayaram reiterated an Outperform rating on Devon Energy Corp (NYSE: DVN), and raised the price target from $75.00 to $80.00.
In the report, Credit Suisse noted, "We raise our NAV to $80 from $75 per share to incorporate the company's updated reserve report and year-end '14 balance sheet. While capital efficiency in '14 was mixed as evidenced by drillbit F&D costs of $27.40 per Boe, value creation largely stemmed from its tax efficient swap of Canadian conventional and legacy U.S. assets before commodity prices collapsed for top of the food chain Eagle Ford assets. We expect DVN's drillbit performance to improve given the mix shift toward the Eagle Ford, Bone Spring, and Cana-Woodford programs as well as low maintenance capital required at Jackfish."
Devon Energy closed on Friday at $59.15.
Latest Ratings for DVN
Date | Firm | Action | From | To |
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Feb 2015 | Jefferies | Maintains | | Buy | Feb 2015 | Deutsche Bank | Maintains | | Buy | Feb 2015 | Citigroup | Maintains | | Buy |
View More Analyst Ratings for DVN
View the Latest Analyst Ratings
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Devon Energy Corporation
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CODE : DVN |
ISIN : US25179M1036 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Devon Energy is a and oil producing company based in United states of america. Devon Energy holds various exploration projects in Canada. Its main exploration property is JACKFISH OIL SANDS PROJECT in Canada. Devon Energy is listed in United States of America. Its market capitalisation is US$ 27.6 billions as of today (€ 25.8 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. |