Jefferies Raises Price Target on Devon Energy (DVN), Maintains Buy Rating

Jefferies is maintaining its Buy rating on shares of Devon Energy (NYSE: DVN) and is raising its price target from $100 to $106.

The firm is increasing its 2011 and 2012 EPS estimates from $5.25 and $6.65 to $6.50 and $7.85.

Jefferies revisions are driven by increases to its '11 and '12 oil price deck to $105/bbl and $100/ bbl from $85. The firms long-term oil price estimate of $85/bbl remains unchanged.

Oil and gas averaged $94.85/$4.20 in q1 '11 versus $85.16/$3.80 in q4 '10 and $78.84/$5.09 in q1 '10. Our '11, '12, and long-term natural gas price deck of $4.10/mcf, $5.00/mcf, and $5.00/mcf also remain unchanged.

For more ratings news on Devon Energy click here and for the rating history of Devon Energy click here.

Shares of Devon Energy closed at $91.40 yesterday.

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