Wells Fargo Upgrades Devon Energy (DVN) to Outperform; Strategic Repositioning Addresses Concerns
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Wells Fargo upgrades Devon Energy (NYSE: DVN) from Market Perform to Outperform. Valuation range is $80-$84, up from $66-$70.
Wells analyst says, "Strategic repositioning address many of our prior concerns surrounding production growth visibility and operational focus. Going forward, shares and company much better positioned relative to larger cap peers, in our view...We believe DVN should be able to hit its 2010 target, but more importantly, hit its 2011 target. For 2010, after ramping in 1H, 4Q 2010 should be up 10% versus 4Q09. For 2011, 6% growth target looks very achievable. These 5-10% growth levels compare to prior Street expectations of flattish growth...Given recent strategic repositioning, we like the production visibility now inherent in the company's North American asset base as the company targets a 10% CAGR within cash flow over the next 5 years. Longer term, we believe a focus on fewer assets will improve the company's operating and financial metrics."
To see more analyst ratings on DVN Click Here.
Devon Energy Corporation, together with its subsidiaries, primarily engages in oil and gas exploration, development, and production; the transportation of oil, gas, and natural gas liquids; and the processing of natural gas.
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