Ticonderoga Maintains a 'Buy' on Devon Energy (DVN); Sticking to the Plan
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Price: $45.85 +3.29%
Rating Summary:
42 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
42 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga maintains a 'Buy' on Devon Energy (NYSE: DVN), PT $105.
Ticonderoga analyst says, "Adjusting for 1Q results, we see a 5% decline in NAV (from $137 to $130), as our previous price assumptions appear too aggressive. However, the minor reduction in NAV is not material enough to change DVN’s relative undervaluation to the group. DVN still trades at 65% of NAV compared with a group median of 81%."
"DVN's 1Q results were largely in line with expectations and in accordance with what the company said it was going to do. We are encouraged by DVN’s production outlook, strong balance sheet, and growing oil/liquids exposure. Recognizing that the E&P sector has been selling off hard the past several days, we would still be buyers of DVN once the dust settles."
1Q’11 volumes in line with forecast; expecting higher production growth going forward....DVN reported strong growth in U.S. liquids production, which totaled 19 MMboe, up 11% YoY and 5% from 4Q’10."
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 $84.96 yesterday.
Ticonderoga analyst says, "Adjusting for 1Q results, we see a 5% decline in NAV (from $137 to $130), as our previous price assumptions appear too aggressive. However, the minor reduction in NAV is not material enough to change DVN’s relative undervaluation to the group. DVN still trades at 65% of NAV compared with a group median of 81%."
"DVN's 1Q results were largely in line with expectations and in accordance with what the company said it was going to do. We are encouraged by DVN’s production outlook, strong balance sheet, and growing oil/liquids exposure. Recognizing that the E&P sector has been selling off hard the past several days, we would still be buyers of DVN once the dust settles."
1Q’11 volumes in line with forecast; expecting higher production growth going forward....DVN reported strong growth in U.S. liquids production, which totaled 19 MMboe, up 11% YoY and 5% from 4Q’10."
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 $84.96 yesterday.
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