Devon (DVN) price target - May 3

[dan_s]

From our friends at Stifel

Devon Energy Corporation (DVN, $58.35, Buy; Target $82.00)
Increases buyback by 25% and announces an annualized dividend yield of 8.7% - Derrick Whitfield
We view this release as positive. The positives include: i) a slight oil production beat for the quarter, ii) lower than expected quarterly capex, and iii) expanded shareholder return programs with a 25% increase to the company's share repurchase program and an annualized fixed-plus-variable dividend yield of ~8.7%. The negatives include: i) higher than expected Q222 capex guidance, and ii) lower than expected Q222 oil production guidance. We caution investors to note the company's full-year production and capital guidance remain unchanged. Net-net, Devon's strong return of capital program and positive quarterly results should overshadow any timing-related guidance concerns.

My valuation of DVN is $75.00