| Imperial Capital Loves Devon Energy, Says Permian Oil Play Could Boost Shares | |
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In a report published Wednesday, Imperial Capital analyst Bob Christensen initiated coverage of Devon Energy Corp. (NYSE: DVN) with an Outperform rating and price target of $92. The analysts believe that the company's Permian oil plays could offer double digit growth for several decades.
Over the past two years, the company has undertaken several large divestiture and acquisition deals, including the creation of a publicly traded midstream master limited partnership, EnLink. The analysts believe that these transactions have not only transformed the company bit also focused its production and reserves to onshore crude oil and liquids in North America. Devon Energy is now one of the very few E&P companies that have a midstream master limited partnership.
"All of DVN's large North American plays are top-tier in terms of quality acreage in our opinion," the analysts said, while adding that "its five largest plays are sizeable enough to move the needle for a company as large as DVN, which is currently producing 665,000boepd. It is also important from a focus of capital and focus of personnel standpoint to maximize returns and generate sustainable long term growth."
According to the Imperial Capital report, the company's top-tier assets are expected to drive production growth of 10 percent to 20 percent per annum over the next five years.
Latest Ratings for DVN
Date | Firm | Action | From | To |
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May 2015 | Imperial Capital | Initiates Coverage on | | Outperform | May 2015 | Barclays | Maintains | | Equal-weight | May 2015 | RBC Capital | Maintains | | Outperform |
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$ 21.5 billions as of today (€ 19.4 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. |