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Fly News Breaks for October 10, 2019
DVN
Oct 10, 2019 | 07:49 EDT
As previously reported, Seaport Global analyst Mike Kelly downgraded Devon Energy to Neutral from Buy. The rating change was among 13 downgrades made in the E&P sector by Kelly, who contends that "the 2020 oil macro set up is a mess." On Devon specifically, he thinks free cash flow "largely evaporates" in FY20 with oil near $50 per barrel. While "Delaware is the crown jewel and getting better," the fact that 55% of the company's position is on federal land will be an overhang, Kelly contends.
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