- Devon Energy (DVN +3.8%) is initiated with a Buy rating and $40 price target at Wunderlich,
- The firm says DVN's portfolio has been transformed following several non-core asset sales in recent years and a few more left to go; within a short span of time, the STACK has emerged as a driver for the company along with the Eagle Ford and the Delaware Basin.
- In addition to the attractive asset base, the firm sees DVN as catalyst-rich with asset divestitures, downspacing tests, expansion of the Second Bone Spring, delineation of the STACK, exploration of the Powder River Basin, continued efficiencies across all plays, and dropdowns of additional midstream assets.
- Now read Devon Energy: This time, it really is different