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Fly News Breaks for March 7, 2016
EOG, DVN, COP, CIE, APC, APA
Mar 7, 2016 | 07:50 EDT
Bernstein predicts that E&P stocks will benefit from oil production cuts going forward. The firm says that if oil stays at $30 per barrel. U.S. production will decline by nearly 2M barrels per day by 2017. Bernstein expects the 1M barrels per day of U.S. oversupply to be eliminated by the end of the year, and it thinks that, "the market could return to balance" by the end of 2016. Bernstein keeps Outperform ratings on the following E&P companies: Apache (APA), Anadarko (APC), Cobalt (CIE), ConocoPhillips (COP), Devon Energy (DVN), and EOG Resources (EOG).
News For APA;APC;CIE;COP;DVN;EOG From the Last 2 Days
DVN
Mar 28, 2024 | 09:17 EDT
Morgan Stanley raised the firm's price target on Devon Energy to $49 from $48 and keeps an Overweight rating on the shares. The energy sector is experiencing an improving macro backdrop, which has led to a catch-up trend experience in energy stocks, the analyst tells investors. With valuations still 2x the historic discount vs S&P, strong free-cash-flow yields, and positive earnings revisions, the firm sees a path to further outperformance.