Devon Energy Co. (DVN), Real Goods Solar, Inc. (RSOL), ReneSola Ltd. (SOL), ENSCO PLC (ESV), Excel Maritime Carriers Ltd (EXM), Suncoke Energy (SXC), Petroleum Development Co. (PETD) and Subsea 7 SA (SUBCY) had ratings and price targets on them adjusted by analysts.
Cantor Fitzgerald downgraded Real Goods Solar, Inc. (RSOL) from a "Buy" rating to a "Hold" rating.
Macquarie downgraded ReneSola Ltd. (SOL) from a "Neutral" rating to a "Underperform" rating.
Goldman Sachs upgraded Devon Energy Co. (DVN) from a "Neutral" rating to a "Buy" rating.
JPMorgan Chase & Co. upgraded ENSCO PLC (ESV) from a "Neutral" rating to a "Overweight" rating.
Jefferies Group upgraded Excel Maritime Carriers Ltd (EXM) from a "Underperform" rating to a "Hold" rating.
Goldman Sachs upgraded Suncoke Energy (SXC) from a "Neutral" rating to a "Buy" rating.
BMO Capital Markets initiated coverage on Petroleum Development Co. (PETD). They have an "Outperform" rating.
Societe Generale upgraded Subsea 7 SA (SUBCY) from a "Sell" rating to a "Hold" rating.
Showing posts with label Devon Energy. Show all posts
Showing posts with label Devon Energy. Show all posts
Monday, March 19, 2012
Monday, February 13, 2012
Devon (DVN) (XCO) (ENS) (GPOR) (CIE) (ELON) (CARB) Ratings, Price Targets
Devon Energy Co. (NYSE: DVN), EXCO Resources, Inc. (NYSE: XCO), EnerSys (NYSE: ENS), Gulfport Energy Co. (NASDAQ: GPOR), Cobalt International Energy (NYSE: CIE), Echelon Co. (NASDAQ: ELON) and Carbonite (NASDAQ: CARB) had ratings and price targets on them adjusted by analysts.
EXCO Resources, Inc. (XCO) was downgraded by Robert W. Baird from an “Outperform” rating to a “Neutral” rating. They have a price target of $8.00 on the company, down from $13.00.
EnerSys (ENS) had its “buy” rating reiterated by Jefferies Group (NYSE:JEF).
RBC Capital initiated coverage on Gulfport Energy Co. (GPOR). They placed a “Sector Perform” rating on the company.
Cobalt International Energy (CIE) had its price target raised by Goldman Sachs (NYSE:GS) from $24.00 to $31.00. They have a “Buy” rating on the company.
Echelon Co. (ELON) had its price target lowered by Needham & Company from $11.00 to $9.00. They have a “Buy” rating on the company.
Devon Energy Co. (DVN) was downgraded by FBR Capital from an “Outperform” rating to a “Market Perform” rating.
Carbonite (CARB) had its “Buy” rating reiterated by Canaccord Genuity.
EXCO Resources, Inc. (XCO) was downgraded by Robert W. Baird from an “Outperform” rating to a “Neutral” rating. They have a price target of $8.00 on the company, down from $13.00.
EnerSys (ENS) had its “buy” rating reiterated by Jefferies Group (NYSE:JEF).
RBC Capital initiated coverage on Gulfport Energy Co. (GPOR). They placed a “Sector Perform” rating on the company.
Cobalt International Energy (CIE) had its price target raised by Goldman Sachs (NYSE:GS) from $24.00 to $31.00. They have a “Buy” rating on the company.
Echelon Co. (ELON) had its price target lowered by Needham & Company from $11.00 to $9.00. They have a “Buy” rating on the company.
Devon Energy Co. (DVN) was downgraded by FBR Capital from an “Outperform” rating to a “Market Perform” rating.
Carbonite (CARB) had its “Buy” rating reiterated by Canaccord Genuity.
Friday, January 6, 2012
Devon (DVN) (CHK) (NSC) (ED) (CEG) (EMR) Ratings, Price Targets
Devon Energy Co. (NYSE: DVN), Chesapeake Energy (NYSE: CHK), Norfolk Southern Corp. (NYSE: NSC), Consolidated Edison, Inc. (NYSE: ED), Constellation Energy Group (NYSE: CEG) and Emerson Electric Co. (NYSE: EMR) ratings and price targets.
Chesapeake Energy (CHK) is now covered by Bank of America (NYSE:BAC). They have a “Buy” rating on the company.
Norfolk Southern Corp. (NSC) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating.
Consolidated Edison, Inc. (ED) was downgraded by Citigroup (NYSE:C) from a “Buy” rating to a “Neutral” rating.
Constellation Energy Group (CEG) was downgraded by Citigroup from a “Buy” rating to a “Neutral” rating.
Emerson Electric Co. (EMR) is now covered by Morgan Stanley (NYSE:MS). They placed an “Overweight” rating and a price target of $56.00 on the company.
Devon Energy Co. (DVN) had its price target raised by Scotia Capital to $83.00.
Chesapeake Energy (CHK) is now covered by Bank of America (NYSE:BAC). They have a “Buy” rating on the company.
Norfolk Southern Corp. (NSC) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating.
Consolidated Edison, Inc. (ED) was downgraded by Citigroup (NYSE:C) from a “Buy” rating to a “Neutral” rating.
Constellation Energy Group (CEG) was downgraded by Citigroup from a “Buy” rating to a “Neutral” rating.
Emerson Electric Co. (EMR) is now covered by Morgan Stanley (NYSE:MS). They placed an “Overweight” rating and a price target of $56.00 on the company.
Devon Energy Co. (DVN) had its price target raised by Scotia Capital to $83.00.
Friday, November 5, 2010
Citigroup (NYSE:C) Raises Devon Energy (NYSE:DVN) PT
Citigroup (NYSE:C) raised the price target they have on Devon Energy (NYSE:DVN), while maintaining a "Hold" rating on the energy company.
Earnings per share for the full year was also lowered from $5.76 to $5.73 for 2010, and from $5.23 to $5.96 for 2011.
Devon rose with the rest of the commodity and energy sector Thursday, closing the trading day at $69.60, gaining $1.38, or 2.02 percent.
Citigroup raised their price target on Devon from $68 to $72.
Earnings per share for the full year was also lowered from $5.76 to $5.73 for 2010, and from $5.23 to $5.96 for 2011.
Devon rose with the rest of the commodity and energy sector Thursday, closing the trading day at $69.60, gaining $1.38, or 2.02 percent.
Citigroup raised their price target on Devon from $68 to $72.
Cameron International (NYSE:CAM), Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN) Soar on Rising Oil Prices
Cameron International (NYSE:CAM), Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN) were all moving up Thursday on the inflationary measures announced by the Federal Reserve through QE2, which pushed the overall commodity market up, along with companies within each sector, including the oil producers.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices increased to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum soared to its highest levels since April.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Cameron International closed at $45.59 Thursday, rising $1.93, or 4.42 percent. Marathon Oil surged to close at $33.83, gaining $0.76, or 2.30 percent. Devon Energy was up to $69.60 at the end of the trading day, rising by $1.38, or 2.02 percent.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices increased to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum soared to its highest levels since April.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Cameron International closed at $45.59 Thursday, rising $1.93, or 4.42 percent. Marathon Oil surged to close at $33.83, gaining $0.76, or 2.30 percent. Devon Energy was up to $69.60 at the end of the trading day, rising by $1.38, or 2.02 percent.
Thursday, November 4, 2010
Devon Energy (NYSE:DVN) Undervalued on Onshore Resource Plays Says Ticonderoga
Devon Energy (NYSE:DVN) is undervalued in almost all the key valuation metrics against its peers, and Ticonderoga Securities said they're maintaining their "Buy" rating on them as a result.
"We view DVN as an undervalued asset base that should generate better results given the shift in focus toward onshore unconventional resource plays. And with $3.6B of cash on hand currently (excluding the expected $3.2B close of Brazilian assets), the company is in a strong financial position as well. The company’s shares are trading below peers on almost all relevant valuation metrics, including at a steep discount to our $118.00 NAV. The resulting P/NAV of 66% compares with a group median of 78% for our E&P universe. DVN’s EV/2010 EBITDA is 5.0 compared with 7.1 for the group and its P/CF is 5.9 compared with 6.4 for the group, said Ticonderoga.
"Today’s news (earnings report) is positive and supports our Buy rating, and should please investors who have been looking for consistent results/growth from DVN quarter-to-quarter. We would look toward the year-end reserve report for signs of better organic growth and improving finding cost as an indication that the company’s resource strategy is working long-term. We don’t believe the sharp discount to peers is justified, and would continue to look for periods of weakness when the stock/group trades down to accumulate shares."
Devon surged to close at $68.22 Wednesday, gaining $2.29, or 3.47 percent. Ticonderoga has a price target of $78 on Devon.
"We view DVN as an undervalued asset base that should generate better results given the shift in focus toward onshore unconventional resource plays. And with $3.6B of cash on hand currently (excluding the expected $3.2B close of Brazilian assets), the company is in a strong financial position as well. The company’s shares are trading below peers on almost all relevant valuation metrics, including at a steep discount to our $118.00 NAV. The resulting P/NAV of 66% compares with a group median of 78% for our E&P universe. DVN’s EV/2010 EBITDA is 5.0 compared with 7.1 for the group and its P/CF is 5.9 compared with 6.4 for the group, said Ticonderoga.
"Today’s news (earnings report) is positive and supports our Buy rating, and should please investors who have been looking for consistent results/growth from DVN quarter-to-quarter. We would look toward the year-end reserve report for signs of better organic growth and improving finding cost as an indication that the company’s resource strategy is working long-term. We don’t believe the sharp discount to peers is justified, and would continue to look for periods of weakness when the stock/group trades down to accumulate shares."
Devon surged to close at $68.22 Wednesday, gaining $2.29, or 3.47 percent. Ticonderoga has a price target of $78 on Devon.
Wednesday, November 3, 2010
Devon (NYSE:DVN) Beats Estimates, Production Increases
Devon Energy (NYSE:DVN) beat Street estimates for the quarter, generating production and profits beyond projections.
Excluding the properties they sold, Devon increased production by four percent for the latest quarter, as it moves away from offshore to onshore fields as their strategy.
Earnings for the quarter reached $1.44 a share, up from the $1.29 analysts had been expecting, on $2.1 billion.
Much of the profit gain was from the sale of assets they had held in Azerbaijan. They are also in the middle of selling off assets held in Brazil, which combined with Azerbaijan assets should reach $10 billion in pre-tax revenue for the year.
Excluding the properties they sold, Devon increased production by four percent for the latest quarter, as it moves away from offshore to onshore fields as their strategy.
Earnings for the quarter reached $1.44 a share, up from the $1.29 analysts had been expecting, on $2.1 billion.
Much of the profit gain was from the sale of assets they had held in Azerbaijan. They are also in the middle of selling off assets held in Brazil, which combined with Azerbaijan assets should reach $10 billion in pre-tax revenue for the year.
Thursday, October 28, 2010
Petrobras (NYSE:PBR) Preparing to Resume Gulf Deepwater Drilling
The first production from the Cascade and Chinook fields in the Gulf of Mexico by Brazil's state-owned oil giant Petrobras (NYSE:PBR) is set to launch sometime near the end of 2010.
Petrobras owns the entirety of the Cascade field after acquiring the remaining 50 percent from Devon Energy Corp. (NYSE:DVN), which has turned its focus to onshore natural gas in North America.
Concerning Chinook, Petrobras has a 66.7 percent stake in that field, with Total SA (NYSE:TOT) of France having the remaining 33.3 percent. Petrobras is the operator of both the fields.
The oil moratorium from the Obama administration has set the project back, but since the wells were drilled before the implementation of the moratorium, it won't be negatively impacted from the permitting process, which will take a lot of time for competitors to get approved for.
Petrobras owns the entirety of the Cascade field after acquiring the remaining 50 percent from Devon Energy Corp. (NYSE:DVN), which has turned its focus to onshore natural gas in North America.
Concerning Chinook, Petrobras has a 66.7 percent stake in that field, with Total SA (NYSE:TOT) of France having the remaining 33.3 percent. Petrobras is the operator of both the fields.
The oil moratorium from the Obama administration has set the project back, but since the wells were drilled before the implementation of the moratorium, it won't be negatively impacted from the permitting process, which will take a lot of time for competitors to get approved for.
Tuesday, September 21, 2010
FBR Capital Adds Pioneer (NYSE:PXD) to 'Top Pick' List; Drop Devon (NYSE:DVN)
FBR Capital reiterated its "Outperform" rating on Pioneer Natural Resources NYSE:PXD), adds to 'Top Picks' list, while dropping Devon Energy (NYSE:DVN) from the list.
"We are adding Pioneer Natural to our Top Picks list based on our expectations of a higher-than-guided production growth rate and recent operational change-driven material improvements in returns from its core Spraberry asset...We note that we are concurrently removing Devon Energy from our Top Picks list. We maintain an Outperform rating on Devon Energy shares, but are of the opinion that nearer-term risk/reward is better with Pioneer," said FBR.
Pioneer closed Monday at $66.89, up $1.51, or 2.31 percent. Devon closed at $62.93, gaining $0.96, or 1.55 percent.
"We are adding Pioneer Natural to our Top Picks list based on our expectations of a higher-than-guided production growth rate and recent operational change-driven material improvements in returns from its core Spraberry asset...We note that we are concurrently removing Devon Energy from our Top Picks list. We maintain an Outperform rating on Devon Energy shares, but are of the opinion that nearer-term risk/reward is better with Pioneer," said FBR.
Pioneer closed Monday at $66.89, up $1.51, or 2.31 percent. Devon closed at $62.93, gaining $0.96, or 1.55 percent.
Wednesday, September 8, 2010
Chevron (NYSE:CVX) Acquires Devon (NYSE:DVN) South China Sea Blocks
Chevron Corp. (NYSE:CVX) has acquired the operating interest in three Devon Energy Corp. (NYSE:DVN) exploration blocks in the South China Sea. Terms of the deal weren't disclosed.
Two of the three blocks, 53/30 and 64/18, had 100 percent interests acquired by Chevron from Devon, while with the final block, 42/05, Chevron acquired a 59.18 percent interest, and BP (NYSE:BP) the remaining 40.82 percent interest.
The South China Sea has been ignored for some time because of the lack of shallow-water oil finds. Now drillers are going deeper in their search for oil and gas, inspired by the find of Husky Energy (TSE:HSE) several years ago when they found trillions of cubic feet of gas reserves able to be recovered.
In the three blocks acquired by Chevron, the China National Offshore Oil Corp. (CNOOC), has the right to take a majority interest in any oil or gas discovery.
All companies outside of China must sign these contracts in order to do business there.
Two of the three blocks, 53/30 and 64/18, had 100 percent interests acquired by Chevron from Devon, while with the final block, 42/05, Chevron acquired a 59.18 percent interest, and BP (NYSE:BP) the remaining 40.82 percent interest.
The South China Sea has been ignored for some time because of the lack of shallow-water oil finds. Now drillers are going deeper in their search for oil and gas, inspired by the find of Husky Energy (TSE:HSE) several years ago when they found trillions of cubic feet of gas reserves able to be recovered.
In the three blocks acquired by Chevron, the China National Offshore Oil Corp. (CNOOC), has the right to take a majority interest in any oil or gas discovery.
All companies outside of China must sign these contracts in order to do business there.
Tuesday, September 7, 2010
BP (NYSE:BP) Acquires South China Sea Block from Devon (NYSE:DVN)
BP (NYSE:BP) has acquired a minority interest in a South China Sea block from Devon Energy Corp. (NYSE:DVN), buying a 40.82 percent interest in block 42/05.
Chevron Corp. (NYSE:CVX) is their partner in the deal, who bought the remaining 59.18 percent which gives them operating interest in the block.
It didn't bother China to give BP approval to take a stake in the deep-water block, which China's Cnooc Ltd. confirmed they did.
Devon has been divesting of assets outside of North America in order to focus its attention on its onshore assets in Canada and America.
Renewed interest in the South China Sea has grown since the discovery of trillions of cubic feet of natural gas reserves in 2006 by Husky Energy Inc. (TSE:HSE).
Chevron Corp. (NYSE:CVX) is their partner in the deal, who bought the remaining 59.18 percent which gives them operating interest in the block.
It didn't bother China to give BP approval to take a stake in the deep-water block, which China's Cnooc Ltd. confirmed they did.
Devon has been divesting of assets outside of North America in order to focus its attention on its onshore assets in Canada and America.
Renewed interest in the South China Sea has grown since the discovery of trillions of cubic feet of natural gas reserves in 2006 by Husky Energy Inc. (TSE:HSE).
Monday, November 3, 2008
More Oil Found at Campos Basin Off Brazil's Coast
The potentially huge depository of oil at the Campos Basin off of Brazil's Coast has yielded more oil, as partners in the venture, EnCana Corp., SK Energy Co., Anadarko Petroleum Corp. and Devon Energy Corp. discovered more at the huge site.
The new oil was found at a well called the 1APL1ESS in the C-M-101 block in water 1,418 meters (4,652 feet) deep.
With oil prices down, it's not known if the available oil can be produced at a profit at this time.
The new oil was found at a well called the 1APL1ESS in the C-M-101 block in water 1,418 meters (4,652 feet) deep.
With oil prices down, it's not known if the available oil can be produced at a profit at this time.
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