Oppenheimer Raises Target on Devon Energy (DVN) to $90
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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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Oppenheimer boosted its price target on Outperform-rated Devon Energy (NYSE: DVN) from $80 to $90 citing the company's improving operating and financial outlook.
The firm notes P/E and P/CF multiples based on the $90 price target are below peer averages and within DVN's historical ranges.
"With increased spending focus on oil and liquids-rich unconventional plays in North America and strong financial flexibility to fund acreage acquisitions, DVN is accelerating its liquids production growth, while preserving its dry gas acreage to be exploited when gas prices recover," the analyst comments.
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 $75.15 yesterday.
The firm notes P/E and P/CF multiples based on the $90 price target are below peer averages and within DVN's historical ranges.
"With increased spending focus on oil and liquids-rich unconventional plays in North America and strong financial flexibility to fund acreage acquisitions, DVN is accelerating its liquids production growth, while preserving its dry gas acreage to be exploited when gas prices recover," the analyst comments.
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 $75.15 yesterday.
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