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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 $78. The analysts say that the global oil supply curve has begun to flatten for the first time in 10 years.
"This is a function of the continued expansion and cost-improvement in US shale plays, as well as signs that expanding capacity in oil field services is generating lower prices throughout the supply-chain," the analysts explained.
U.S. shale plays are expected to continue to do well, with the Mid-Continent, Permian and Eagle Ford shales likely to become large assets in the 2nd quartile of the supply curve. Liquid-rich North American shale plays already account for a large part of the 2nd/3rd quartile.
According to the analysts, Devon's stock still holds value for the investor. "While many of the high-quality shale plays are already well valued by the market, we believe investors can still get good value exposure in Devon," Imperial Capital added.
Latest Ratings for DVN
Date | Firm | Action | From | To |
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Mar 2015 | Credit Suisse | Maintains | | Outperform | Feb 2015 | Jefferies | Maintains | | Buy | Feb 2015 | Deutsche Bank | Maintains | | Buy |
View More Analyst Ratings for DVN
View the Latest Analyst Ratings
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Devon Energy Corporation
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CODE : DVN |
ISIN : US25179M1036 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Devon Energy est une société de production minière et de pétrole basée aux Etats-Unis D'Amerique. Devon Energy détient divers projets d'exploration au Canada. Son principal projet en exploration est JACKFISH OIL SANDS PROJECT au Canada. Devon Energy est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 27,2 milliards US$ (25,5 milliards €). La valeur de son action a atteint son plus bas niveau récent le 18 août 1995 à 10,00 US$, et son plus haut niveau récent le 22 février 2008 à 99,19 US$. Devon Energy possède 525 000 000 actions en circulation. |