Market Overview

UPDATE: Credit Suisse Initiates Devon Energy at Outperform on Outlook and Valuation

Share:
Related DVN
Benzinga's Top Upgrades, Downgrades For February 16, 2017
Earnings Scheduled For February 14, 2017

Credit Suisse initiated coverage on Devon Energy (NYSE: 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.

Latest Ratings for DVN

DateFirmActionFromTo
Feb 2017Societe GeneraleUpgradesHoldBuy
Jan 2017UBSUpgradesSellNeutral
Jan 2017JefferiesDowngradesBuyHold

View More Analyst Ratings for DVN
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (DVN)

View Comments and Join the Discussion!