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DVN

Devon Energy

$42.40

0.34 (0.81%)

, CRZO

Carrizo Oil & Gas

$24.31

0.62 (2.62%)

16:15
08/14/18
08/14
16:15
08/14/18
16:15

Devon Energy to sell $215M of non-core Delaware Basin acreage

Devon Energy (DVN) announced it has entered into a definitive agreement to sell 9,600 net acres of non-core Delaware Basin acreage in Ward and Reeves County to Carrizo Oil (CRZO) and Gas for $215M. Net production from these properties is approximately 2,500 oil-equivalent barrels per day. The transaction is expected to close in Q4, subject to customary terms and conditions. With this transaction, total proceeds from Devon's divestiture program have now reached $4.4B. The company expects to monetize additional minor, non-core assets across the United States by year-end. These divestiture packages include enhanced oil recovery projects in the Midland Basin and Rockies along with Wise County acreage in the Barnett Shale.

DVN

Devon Energy

$42.40

0.34 (0.81%)

CRZO

Carrizo Oil & Gas

$24.31

0.62 (2.62%)

  • 28

    Aug

DVN Devon Energy
$42.40

0.34 (0.81%)

07/12/18
MSCO
07/12/18
INITIATION
Target $46
MSCO
Equal Weight
Devon Energy initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analysts Devin McDermott and Drew Venker added coverage of 12 large-cap and diversified E&Ps, including Devon Energy, which they started with a $46 price target and Equal Weight rating.
07/23/18
MZHO
07/23/18
INITIATION
Target $59
MZHO
Buy
Devon Energy initiated with a Buy at Mizuho
Mizuho analyst Paul Sankey started Devon Energy with a Buy rating and $59 price target.
07/24/18
MZHO
07/24/18
INITIATION
Target $173
MZHO
Buy
Mizuho names 'Apple of oil' EOG top pick in Oil & Gas sector
Mizuho analyst Paul Sankey last night initiated 10 names in the Global Oil & Gas group with five buys, four neutrals and one underperform. He also maintained a Buy rating on Occidental Petroleum (OXY) and Neutral rating on ConocoPhillips (COP). The analyst put Buy ratings on EOG Resources (EOG), his top pick in the group, Anadarko Petroleum (APC), Pioneer Natural Resources (PXD), Noble Energy (NBL) and Suncor (SU). Sankey calls EOG the Apple (AAPL) of oil. The company has been a pioneer in unconventional oil development in the U.S. and its technology-driven, innovation-focused approach will continue to drive peer-leading rates of return and oil growth, the analyst contends. He put Neutral ratings on Devon Energy (DVN), Hess Corp. (HES), Marathon Oil (MRO) and Apache (APA). Lastly, Sankey initiated Murphy Oil (MUR) with an Underperform rating and $36 price target. While the stock trades well below peers on both mid-cycle free cash and discount to net asset value, there is not enough potential upside to justify a Neutral at this point, Sankey told investors in a research note.
08/06/18
UBSW
08/06/18
UPGRADE
Target $53
UBSW
Buy
Devon Energy upgraded to Buy from Neutral at UBS
UBS analyst Lloyd Byrne upgraded Devon Energy (DVN) to Buy and raised his price target for the shares to $53 from $45. Devon continues to take positive steps by focusing its inventory on its highest return assets, divesting EnLink (ENLK, ENLC) at a better than expected price, and having a material repurchase plan, Byrne tells investors in a research note. The analyst finds the stock's risk/reward as "compelling" at current levels. He sees 23% potential upside in the shares.
CRZO Carrizo Oil & Gas
$24.31

0.62 (2.62%)

06/07/18
06/07/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Darden (DRI) upgraded to Buy from Hold at SunTrust with Jake Bartlett citing his view that its multiple will expand with modest comp sales outperformance beyond fiscal 2018, accelerating unit growth, resumed acquisitions and a higher dividend. 2. Wingstop (WING) upgraded to Outperform from Neutral at Wedbush with analyst Nick Setyan saying he believes drivers of same store sales growth and margin upside relative to current consensus 2018 and 2019 estimates exist. 3. LabCorp (LH) upgraded to Overweight from Sector Weight at KeyBanc with analyst Donald Hooker saying he sees LabCorp and Quest Diagnostics (DGX) benefiting over time from their recent contracts with United Healthcare (UNH) and Aetna (AET). 4. Carrizo Oil & Gas (CRZO) upgraded to Buy from Hold at Tudor Pickering. 5. Canadian Solar (CSIQ) upgraded to Neutral from Underweight at JPMorgan with analyst Paul Coster saying risks from China's new solar policy appear priced in the shares at current levels. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/13/18
BMOC
06/13/18
NO CHANGE
Target $33
BMOC
Outperform
Carrizo Oil & Gas price target raised to $33 from $30 at BMO Capital
BMO Capital analyst Dan McSpirit raised his price target on Carrizo Oil to $33 and kept his Outperform rating. The analyst cites the company's relatively lower exposure to the "takeaway tension" in the Permian basin, saying that while the re-rating of the shares is already under way, more upside can be expected from Carrizo's favorable basin differential and its less flow-challenged Eagle Ford operations.
06/28/18
STFL
06/28/18
NO CHANGE
Target $34
STFL
Buy
Carrizo Oil & Gas price target lowered to $34 from $44 at Stifel
Stifel analyst Michael Scialla lowered his Net Asset Value, or NAV, for Carrizo Oil & Gas by 22% as he disaggregated the company's Delaware Basin position into three core operating areas and he also modestly lowered his Wolfcamp A/B type curve. Given the adjustments to his model, Scialla lowered his price target on Carrizo shares to $34 from $44. He keeps a Buy rating on the name, calling the company one of the few mid-cap companies he covers with material exposure to the Eagle Ford, where he believes oil prices could sustain a meaningful advantage over WTI and Midland prices for the next two years.
08/08/18
JRCO
08/08/18
UPGRADE
JRCO
Buy
Carrizo Oil & Gas upgraded to Buy from Accumulate at Johnson Rice

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