Devon Energy Upgrade - June 1

Devon Energy Upgrade - June 1

Postby dan_s » Tue Jun 01, 2021 6:20 pm

DVN closed at $30.20 today

Devon Energy (DVN) shares jumped Tuesday after Raymond James analyst John Freeman upgraded the oil and gas producer to strong buy from outperform and raised his price target to $40 from $34.

The strong performance of Devon's Delaware wells offer opportunities for productivity gains, he said, according to The Fly. That would boost Devon's free-cash-flow-to-enterprise-value ratio, which could mean a higher dividend yield, Freeman said.

Devon shares recently traded at $30, up 13.0%. They have doubled over the past six months amid rising oil prices and optimism for an economic recovery.

Oil prices hit 2 1/2-year highs Tuesday after the OPEC+ alliance predicted rising prices, as demand is rising while supply is falling. And nuclear talks with Iran haven’t produced an accord yet. OPEC plans to raise production next month.
Dan Steffens
Energy Prospectus Group
dan_s
 
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