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Fly News Breaks for October 16, 2018
DVN
Oct 16, 2018 | 17:51 EDT
MUFG analyst Michael McAllister nudged his price target on Devon Energy to $48 from $46 after its Q3 production and capital spending forecasts. The analyst notes that the weakness in Canada was offset by higher U.S. production than anticipated due to better-than-expected NGL recoveries, while also forecasting high price environment to benefit NGL names like Devon with "significant exposure". McAllister also keeps his Neutral rating on the shares, stating that the depressed WCS pricing in Canada balances out the strength in NGL.
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