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Yesterday, 5:35 PM
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Yesterday, 8:38 AM
- Devon Energy (NYSE:DVN) appoints COO Dave Hager as its new President and CEO, succeeding John Richels, who announced plans to retire in December.
- Hager assumed his new roles on Aug. 1, the day after Richels' retirement became effective.
- Hager joined DVN in 2009, when he was named executive VP of exploration and production, after 30 previous years of experience in the oil and gas industry.
Wed, Jul. 22, 2:37 PM
- A reduction in non-OPEC production eventually will provide an opportunity for U.S. producers to get back in the game, Credit Suisse analyst Mark Lear says as he upgrades the oil and gas E&P sector to Overweight and changes ratings for several individual stocks.
- Lear sees a handful of names with limited downside at WTI prices of ~$60/bbl and “decent” upside with prices in the $70’s, and expects a better year for natural gas in 2016 as dropoffs in production and higher demand could lead to higher winter prices.
- "We may be early,” but Credit Suisse assumes coverage at Outperform on some E&P stocks: EOG, EPE, PXD, DNR, APC, DVN.
- Upgraded to Outperform from Neutral: HES, CXO, CRZO, NBL
- Upgraded to Neutral from Underperform: MUR.
- Assumed coverage at Neutral: APA, DNR
- Assumed at Underperform: SD, SWN
- Downgraded to Underperform from Neutral: REXX, CRK
Mon, Jul. 20, 2:29 PM
- Whiting Petroleum (WLL -4.1%) is upgraded to Positive from Neutral with a $33 price target at Susquehanna, saying it now believes the valuations of many E&P stocks are finally starting to look more reasonable.
- Drivers from WLL include the company’s reserve growth potential via its positions in the Bakken and Niobara, and improvement in capital efficiency due to its focus on enhanced completions, Susquehanna says.
- The firm names Newfield Exploration (NFX -1.2%), Continental Resources (CLR -2.6%) and Devon Energy (DVN -2.3%) as its preferred oil names and Gulfport Energy (GPOR -3.7%) as its favorite gas play.
- Last week's news of sales of two WLL non-core conventional properties for $185M piques the interest of Capital One Securities, which says WLL's Belfield and Robinson Lake gas plants could be next on the chopping block and could take 2015 asset sale proceeds to the top end of WLL's guided range of $500M-$1B for the year.
Wed, Jul. 15, 9:59 AM
- Suncor (SU -0.4%) says it is planning a pilot project that will use radio frequencies to produce heavy crude oil, which it says is the first such production test of the technology on subterranean oil sands deposits.
- "If successful and commercially viable, [it] has the potential to improve economic and environmental performance in the oil sands by eliminating the need for water” to produce oil, according to SU’s general manager of oil sands strategic technology.
- SU and its partners, Devon Energy (NYSE:DVN), Cnooc's (NYSE:CEO) Nexen Energy unit and Harris Corp. (NYSE:HRS), will begin small-scale test production at a pair of wells at SU’s Dover site in Alberta.
- SU tells WSJ the pilot project will cost ~C$44M, and if successful will lead to a full commercial scale field test.
Fri, Jul. 10, 11:48 AM
- Devon Energy (DVN -0.1%) is upgraded to Outperform from Neutral with a $72 price target at Macquarie, on valuation and cash flow growth prospects.
- The firm believes continued improvements in DVN's Eagle Ford operations could further shorten the cash flow pay-back period for diversification into additional potentially high returning domestic projects.
- Macquarie adds that DVN's Canadian oil sands development projects could provide "scalability and a source for leverage to an oil price rally."
Thu, Jul. 9, 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).
Wed, Jun. 24, 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
Wed, Jun. 17, 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.
Tue, Jun. 16, 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
Thu, Jun. 4, 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
Wed, Jun. 3, 11:05 AM
Wed, May 20, 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.
Wed, May 13, 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.
Mon, May 11, 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.
Tue, May 5, 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.
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