Form 8-K DEVON ENERGY CORP/DE For: Dec 06

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Go back to Form 8-K DEVON ENERGY CORP/DE For: Dec 06

Devon Energy (DVN) PT Cut at UBS Despite Latest Deal

December 8, 2015 8:31 AM EST

UBS reiterated a Sell rating on Devon Energy (NYSE: DVN), and cut the price target to $37.00 (from $40.00), despite the company's announced agreement to acquire 80k net acres in the STACK play from privately held Felix Energy for $1.9bn. DVN expects to spend ~$500MM in 2016 on its STACK position with a 10-rig program focused in the volatile oil window. As such,... More