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Fly News Breaks for December 10, 2019
WPX, PXD, PE, FANG, EOG, CXO, VET, HES, DVN
Dec 10, 2019 | 07:54 EDT
JPMorgan analyst Arun Jayaram is more sanguine on the Exploration & Production sector heading into 2020. The transition to free cash flow that began in 2019 should support better free cash flow metrics and cash return given efficiency gains and oilfield services deflation, Jayaram tells investors in a research note. Further, U.S. shale growth is poised to disappoint, which could lift the back end of the curve, a key for new money entering the space, adds the analyst. As part of his 2020 outlook, Jayaram upgraded Devon Energy (DVN) to Overweight from Neutral and Hess Corp. (HES) to Neutral from Underweight. He also downgraded Vermilion Energy (VET) to Neutral Overweight saying he sees a smaller margin of error for the company. The analyst reshuffled his ratings to more appropriately position his estimates and ratings distribution. His top picks include Cabot Oil & Gas (COG), Concho Resources (CXO), Devon, EOG Resources (EOG), Diamondback Energy (FANG), Parsley Energy (PE), Pioneer Natural (PXD) and WPX Energy (WPX).
News For DVN;HES;VET;CXO;EOG;FANG;PE;PXD;WPX 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.
VET
Mar 27, 2024 | 08:35 EDT
TD Securities analyst Menno Hulshof upgraded Vermilion Energy to Buy from Hold.