UPDATE: Goldman Sachs Upgrades Devon Energy (DVN) to Conviction Buy

(updating comment)

Goldman Sachs analyst Brian Singer upgraded Devon Energy (NYSE: DVN) from Buy to Conviction Buy with a price target of $20.00.

The analyst comments "We believe there is a healthy debate among investors as to whether lower-leverage stocks like EOG are the best way to play an up-cycle vs. stocks like DVN with higher beta but still-favorable leverage. With this report, we add DVN to the Americas Conviction List and remove EOG. Our preference for DVN on the CL reflects our willingness for slightly greater beta and expected recognition for more transformational changes at DVN. We also note that DVN’s proposed merger with WPX, if successful, would reduce New Mexico federal land exposure and be accretive to FCF yield/corporate returns while retaining favorable leverage."

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 $15.79 yesterday.

You May Also Be Interested In

• Morgan Stanley Upgrades Merck (MRK) to Overweight
• Target (TGT) PT Raised to $185 at DA Davidson
• BofA Securities Upgrades Moderna (MRNA) to Neutral