UPDATE: Oppenheimer Raises Target to $90 on Devon Energy Corporation

Oppenheimer maintains its Outperform rating on Devon Energy Corporation

and raises its price target to $90 a share (previously $80) on improvements in the company's financial and operating outlook. Oppenheimer notes, "P/E and P/CF multiples based on the $90 price target are below peer averages and within DVN's historical ranges. DVN used $3.5B of proceeds from the sale of its offshore assets to repurchase 11% of its shares and ended the year with $7B cash and net debt ratio of 11%, one of the lowest in the group. 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." DVN closed at $75.15 a share on Monday.