Market Overview

UPDATE: Credit Suisse Reiterates on Devon Energy on Positive Outlook

Related DVN
Earnings Scheduled For August 6, 2014
Earnings Expectations For The Week Of August 4: Media Giants, Retailers And More
Energy Stocks Move Higher as Oil Spikes (Fox Business)

In a report published Thursday, Credit Suisse analyst Arun Jayaram reiterated an Outperform rating on Devon Energy (NYSE: DVN), and raised the price target from $76.00 to $80.00.

In the report, Credit Suisse noted, “In the shale era, our rule of thumb to drive consistent alpha is to remain focused on Franchise Asset Producers (e.g., EOG, RRC, NBL, and PXD). One exception to this rule is to go long ‘self-help' stories such as DVN before operational improvements are fully discounted, akin to Eddie Murphy's unexpected rise as a star commodities trader in the 1983 movie ‘Trading Places.' Analysis of recent Eagle Ford (EF), Jackfish production and capex data, as well as accretion from its midstream MLP, reinforces our conviction that DVN will indeed be trading places and join the shale elite over the next 12 months.”

Devon Energy closed on Wednesday at $67.89.

Latest Ratings for DVN

DateFirmActionFromTo
Jul 2014BarclaysMaintainsOverweight
Jul 2014Deutsche BankMaintainsHold
Jul 2014JP MorganMaintainsNeutral

View More Analyst Ratings for DVN
View the Latest Analyst Ratings

Posted-In: Arun Jayaram Credit SuisseAnalyst Color Price Target Analyst Ratings

 

Related Articles (DVN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional