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Jul. 9, 2015, 12:49 PM
- Devon Energy (DVN +1.5%) is added to the Top Picks list at FBR, which believes DVN's defensive position combined with leverage to emerging areas including the Permian, Rockies and SCOOP/STACK, offers more near-term re-rating potential.
- The firm sees several near-term catalysts including more confidence around downspacing and stacked pay potential in the Permian and continued de-risking and well improvement in the Anadarko Basin given an active H2 schedule.
- FBR feels the past few quarters are a strong testament to the success of DVN's strategic re-positioning and transition to becoming a top-tier operator in its five core areas (Briefing.com).
Jun. 24, 2015, 6:57 PM
- A spike in earthquakes across Oklahoma is forcing the state's energy regulator to urgently consider tougher restrictions on drilling activity, calling it a "game changer."
- During the June 17-24 period, Oklahoma experienced 35 earthquakes of magnitude 3.0 or greater, according to the Oklahoma Geological Survey, with some of the quakes occurring in the Oklahoma City metro area where there are no high-volume wastewater injection wells.
- The spike in quakes comes two months after drillers were ordered by the Oklahoma Corporation Commission, which regulates the oil and gas industry, to stop disposing wastewater below the state's deepest rock formation.
- Oklahoma's elected officials have been reluctant to shackle an industry that directly generated more than 7% of state revenues last year in the form of production taxes from companies such as Devon Energy (NYSE:DVN), SandRidge Energy (NYSE:SD), Chesapeake Energy (NYSE:CHK) and Continental Resources (NYSE:CLR).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
Jun. 17, 2015, 11:32 AM
- Devon Energy (DVN -0.8%) is downgraded to Perform from Market Perform at Oppenheimer, which also removes its $70 price target, saying DVN's weak results are masked by hedging gains.
- Despite higher benchmark strip prices, continued production growth, cost savings and efficiency improvements, Oppenheimer sees 2016 earnings coming in significantly below 2015, which benefited from hedging gains.
- The firm expects DVN to face cash flow deficits of $900M this year and $1.9B next year.
Jun. 16, 2015, 5:45 PM
- The strained finances at U.S. E&P shale companies caused by collapsing crude oil prices is well known, and some analysts say the pain may be compounded by a steep drop in prices for natural gas liquids caused by oversupply, partly due to infrastructure constraints.
- SM Energy (NYSE:SM) said yesterday the price it is receiving for NGLs at the Mont Belvieu delivery point fell 36% Q/Q to $16.67/bbl and that the price declines would lower its 2015 total budgeted revenue by ~$25M while not affecting its drilling or production.
- Barclays recently said Chesapeake Energy (NYSE:CHK) could see 2016 cash flow cut by up to 3% if NGL price weakness persists, while Range Resources (NYSE:RRC) may see its cash flow cut by up to 5%; APC, DVN, PXD, QEP, SWN, ECA and EOG also could see reduced cash flow related to NGL pricing, the firm said.
- Analysts at Tudor Pickering have a more optimistic view and expect an NGL pricing recovery next year, as cresting U.S. nat gas and crude production looks to be flat-to-declining through 2016, giving U.S. infrastructure time to catch up; the firm upgrades SWN to Accumulate from Hold, with GPOR, MRD, COG, RICE and ECA as other top picks, and UPL and EQT recommended on weakness.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DCNG
Jun. 4, 2015, 6:32 PM
- Chesapeake Energy (NYSE:CHK) hit a 52-week low today amid a double whammy of negative news concerning the natural gas market.
- The U.S. Energy Information Administration said storage levels grew by 132B cf in the week ended May 15 to 2.2T cf, 51% more than a year ago; the weekly surplus is the largest in 12 years and the second largest in EIA records that date back to 1994.
- Many analysts believe the oversupply eventually will push another fall in gas prices; "The market was ready for a large injection, but it's still extremely bearish," one said.
- Also, the Natural Gas Supply Association said in its 15th annual Summer Outlook assessment of the natural gas market that it expects production to set records and inflict downward pressure on prices compared with summer 2014.
- "Even with record-setting demand expected, production is also projected to set summer records," says Bill Green, NGSA chairman and Devon Energy (NYSE:DVN) VP of downstream marketing.
- ETFs: XLE, VDE, ERX, OIH, ERY, FCG, DIG, GASL, DUG, BGR, IYE, FENY, FIF, PXJ, RYE, FXN, DDG
Jun. 3, 2015, 11:05 AM
- Devon Energy (NYSE:DVN) declares $0.24/share quarterly dividend, in line with previous.
- Forward yield 1.49%
- Payable Sept. 30; for shareholders of record Sept. 15; ex-div Sept. 11.
May 20, 2015, 11:27 AM
- Devon Energy (DVN +0.9%) is initiated with an Outperform rating and $92 price target at Imperial Capital, which thinks DVN's Permian oil plays could offer double digit growth for several decades.
- All of DVN's large North American plays are top-tier in terms of quality acreage, the firm says, "sizable enough to move the needle" for a company as large as DVN, which produces 665K boe/day; it also is important from a focus of capital and focus of personnel standpoint to maximize returns and generate sustainable long- term growth.
- DVN is now one of the few E&P companies that have a midstream MLP (EnLink), Imperial notes, which has transformed the company and focused its production and reserves to onshore crude oil and liquids in North America.
May 13, 2015, 5:42 PM
- U.S. oil exploration and production companies could be back drilling again sooner than expected, Susquehanna analysts say, seeing an improving landscape for many oil projects due to higher well productivity and lower service costs.
- Commentary from several Permian operators has indicated the possibility of boosting activity levels in H2, and the firm thinks producers likely will start adding rigs if oil prices remain over $60/bbl in H2, when there should be more clarity around the upcoming OPEC meeting and possible lifting of Iran sanctions, both of which have been cited as variables that could drive oil prices lower.
- Susquehanna has a generally bullish view on E&P stocks at current prices, and has a Positive rating on CLR, DVN, EOG, GPOR, NFX and RRC.
May 11, 2015, 10:44 AM
- At least half a dozen U.S.-focused energy firms say they will pump more oil and gas this year than initially expected, but closer study suggests the upgraded forecasts reflect minor adjustments rather than an emerging trend, according to data compiled by Reuters.
- The revisions likely reflect slightly better operations than expected, not a shift to deploying more rigs, says Raymond James analyst Pavel Molchanov.
- One of the most optimistic forecasts was offered by Devon Energy (NYSE:DVN), which pumped 272K bbl/day of oil in Q1, revised its 2015 oil growth to 25%-35% from a previous 20%-25%, while also cutting its capital and lease cost estimate by more than $400M.
- Occidental Petroleum (NYSE:OXY) foresees higher 2015 oil and gas production but only by ~20K boe/day even as capex comes in below a planned $5.8B.
- Noble Energy (NYSE:NBL) said it was raising full-year oil and gas guidance to 300K-315K boe/day following a strong Q1, effectively adjusting the bottom end of its initial range by a mere 5K.
May 5, 2015, 7:35 PM
- Devon Energy (NYSE:DVN) -1.3% AH after missing estimates for both Q1 earnings and revenues, hurt by lower oil prices even as it generated record oil production.
- DVN says it received an average price of $35.17/bbl without hedges for its oil during Q2; with hedges, the price improved to $56.29, which was still 39% below the $75.65/bbl received in the year-ago quarter.
- Q1 oil and gas output averaged 685K boe/day, up 22% Y/Y and 12K boe/day above the top of the company’s guidance range; oil production was a record 272K bbl/day, up 55% Y/Y and 12K bbl/day more than the top of the company’s guidance range.
- DVN raises production guidance for FY 2015, now expecting an increase of 25%-35%, up from its earlier forecast of 20%-25% growth.
- DVN updates its 2015 planned capital spending to $3.9M-$4.1M, a $250M reduction from previous guidance.
May 5, 2015, 4:32 PM
- Devon Energy (NYSE:DVN): Q1 EPS of $0.22 misses by $0.04.
- Revenue of $3.3B (-11.3% Y/Y) misses by $450M.
May 4, 2015, 5:35 PM
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Apr. 27, 2015, 5:13 PM
- Select energy E&P stocks are ready to be bought on weakness following the recent rally in the space, Cowen says as it names Anadarko Petroleum (NYSE:APC), Pioneer Natural Resources (NYSE:PXD) and Range Resources (NYSE:RRC) its top picks; the three are started at Outperform with respective price targets of $72, $216 and $73.
- Cowen says its top picks have low-cost assets and high quality balance sheets that will allow them to emerge from the oil price downturn with higher margins.
- Devon Energy (NYSE:DVN), Noble Energy (NYSE:NBL) and Cimarex Energy (NYSE:XEC) also are initiated with Outperform rating, while Apache (NYSE:APA) and Continental Resources (NYSE:CLR) are started at Market Perform.
Apr. 22, 2015, 6:53 PM
- Nomura came out bullish today on the energy E&P sector - issuing Buy ratings for MRO, PXD, EOG, CLR, APC, NFX, RRC, CNQ, CXO, ECA and SU - even as the firm does not foresee a V-shaped rebound in crude oil prices.
- Nomura believes core North American shale plays do not represent the economic marginal cost of supply in the world, which runs counter to commonly held views that largely see shale occupying the high end of the cost curve; thus as oil rebounds, so will investment in the shales, which should support prices, the firm says.
- In such an environment, Nomura says selecting stocks will depend on factors such as ”the reinvestment opportunity set, impact of oilfield technology, continued efficiencies, potential new geologic plays, management acumen and balance sheet strength."
- The firm is Neutral on DVN, HES, MUR, OAS, UPL, WLL, XEC, COG, COP and SWN; it rates NBL, APA, DNR, CHK and CVE as Reduce.
Apr. 14, 2015, 5:26 PM
- The price of oil will recover but not back to triple-digits, Citigroup says, leading the firm to recommend ConocoPhillips (NYSE:COP), Devon Energy (NYSE:DVN), Total (NYSE:TOT) and Statoil (NYSE:STO) while downgrading BP.
- Many companies have not left enough headroom to deal with a lower oil price environment after the hot pursuit of growth in recent years, the firm says, believing those most challenged in the new paradigm are players focused on liquefied natural gas and heavy oil, as well as most of the big oil names.
- Citi says “shale is the core of the survivors' party,” and that investors can get "good value exposure” by buying COP and DVN; self-help also will be part of surviving $60-$75 oil, pointing to TOT and STO as having the most potential.
- The firm cuts BP to Neutral because it thinks all its potential self-help has been priced into the stock.
Apr. 10, 2015, 11:26 AM
- Credit Suisse adds four companies to its U.S. Focus List, led by Devon Energy (NYSE:DVN), which it sees as a pure-play energy stock that investors can feel comfortable holding for the long-term and is not pegged to the oil markets.
- The firm also likes DVN's defensive valuation, top quartile oil growth profile and further accretion possibilities from the EnLink Midstream assets; its $80 stock price target is among the Street's best outlook.
- Credit Suisse cites another energy choice, Marathon Oil (NYSE:MRO), for its higher multiple businesses, and believes upstream cash margins have room to move up as shale production increases and oil prices recover.
- Also added to the U.S. Focus List: JPMorgan Chase (NYSE:JPM), Dunkin' Brands (NASDAQ:DNKN).
- Earlier: Dunkin' Brands tapped by Credit Suisse for new highs
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