Thursday, July 22, 2010

Devon Energy (NYSE:DVN) Upgraded by Barclays (NYSE:BCS)

Citing divesting of assets that had weighed on the company, Barclays (NYSE:BCS) upgraded Devon Energy (NYSE:DVN) from Equalweight to Overweight, and increased their price target on the company from $77 to $78 a share.

Barclays said, "Devon's results should improve as it has shed its underperforming GOM and international assets. Production per share growth, adjusted for spending, would have been an estimated 5%/year in 2008-2009 vs. the 0% actual result."

Estimates for earnings per share for 2010 was increased to $5.25 from $5.20, and for 2011 to $4.50 from $4.00.

Devon closed Wednesday at $62.67, down $0.20, or 0.32 percent.

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