Skip to main content

Market Overview

Credit Suisse Reiterates Outperform, Raises PT On Devon Energy On Lower Estimates

Share:

In a report published Monday, Credit Suisse analyst Arun Jayaram reiterated an Outperform rating on Devon Energy Corp (NYSE: DVN), and raised the price target from $75.00 to $80.00.

In the report, Credit Suisse noted, "We raise our NAV to $80 from $75 per share to incorporate the company's updated reserve report and year-end '14 balance sheet. While capital efficiency in '14 was mixed as evidenced by drillbit F&D costs of $27.40 per Boe, value creation largely stemmed from its tax efficient swap of Canadian conventional and legacy U.S. assets before commodity prices collapsed for top of the food chain Eagle Ford assets. We expect DVN's drillbit performance to improve given the mix shift toward the Eagle Ford, Bone Spring, and Cana-Woodford programs as well as low maintenance capital required at Jackfish."

Devon Energy closed on Friday at $59.15.

Latest Ratings for DVN

DateFirmActionFromTo
Feb 2021Raymond JamesMaintainsOutperform
Feb 2021CitigroupReinstatesBuy
Nov 2020Morgan StanleyUpgradesEqual-WeightOverweight

View More Analyst Ratings for DVN
View the Latest Analyst Ratings

 

Related Articles (DVN)

View Comments and Join the Discussion!

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

Latest Ratings

StockFirmActionPT
FSRMorgan StanleyMaintains40.0
NATJefferiesMaintains2.8
MEDDA DavidsonMaintains302.0
VICRBWS FinancialMaintains120.0
PSXMizuhoMaintains96.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com