Barclays Reiterates an 'Overweight' on Devon Energy (DVN); Solid 3Q; Looking for JV Partner Across Multiple New Venture Plays

Barclays reiterates an 'Overweight' on Devon Energy (NYSE: DVN) price target of $82.00.

Barclays analyst says, "3Q clean EPS of $1.54 beat our/Street estimates by ~6%. The top line was strong, while expenses were higher...Looking for a JV partner to explore multiple liquids rich opportunities across North America. A JV partnership would allow DVN to: 1) improve capital efficiency; 2) accelerate the derisking and development of New Ventures position; and 3) seek exposure in additional plays while taking on less risk. DVN has opened a data room and indicated strong interest from potential partners."

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 $65.46 yesterday.

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