Credit Suisse initiated coverage on Devon Energy DVN with an Outperform rating and a $74 price target.
Credit Suisse said, "We believe shares are poised to rerate on (1) structural logistical upgrades, which should normalize heavy oil realizations and boost returns from its world-class oil sands projects, (2) further evidence of DVN's capital efficient model, which should deliver strong liquids growth at lower capex and competitive cash flow growth, and (3) improving gas sentiment in 2013. DVN will likely temper its gas and NGL guidance for 2013 given lower liquids prices since its April analyst meeting. This would be an ideal entry point as the valuation largely embeds lower gas and NGL growth."
Devon Energy closed at $60.63 on Thursday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in