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Devon Energy (DVN -2.4%) is cut to Neutral from Buy at UBS following two production misses and...
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Thursday, November 8, 2012, 11:20 AM ETDevon Energy (DVN -2.4%) is cut to Neutral from Buy at UBS following two production misses and expectations of flat production Q/Q (Q3 earnings). The disappointing growth trajectory leads the firm to cut expected 2013 production by ~4%. DVN also raised 2012 capex for the third time this year, with only a $500M Y/Y reduction in 2013. Shares receive at least two other downgrades (I, II).
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