Devon Energy (DVN) PT Lifted to $86 at Canaccord Genuity

October 28, 2013 10:25 AM EDT Send to a Friend
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Price: $59.62 +2.26%

Rating Summary:
    22 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 45 | New: 4
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Canaccord Genuity boosted its price target on Buy-rated Devon Energy (NYSE: DVN) from $77 to $86 related to the merger of its midstream operation with Crosstex Energy.

Analyst Robert Christensen said," we believe DVN's merger of its midstream operation with Crosstex Energy, an existing publicly traded MLP/GP, generates many positives. The merger increases the scale and scope of its midstream business, fosters added growth opportunities and enhances the new entity's finances."

Christensen added, "This should keep DVN's midstream valuation robust. It also highlights how undervalued its E&P business is – something we think can change for a variety of reasons."

The analyst made no changes to his 2013 Annual EPS estimate and lowered his 2014 Annual EPS estimate to $7.13. He also made no changes to his 2013 Annual EBITDA estimate and increased his 2014 Annual EBITDA estimate to $7.9B.

For an analyst ratings summary and ratings history on Devon Energy click here. For more ratings news on Devon Energy click here.

Shares of Devon Energy closed at $64.54 yesterday.


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