Devon Energy Now Rated a “Buy” at Goldman Sachs (DVN)

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Analysts at Goldman Sachs on Monday provided some positive commentary on oil and natural gas producer Devon Energy Corporation ( DVN ).

The firm said it upgraded DVN from "Neutral" to "Buy" and boosted its price target to $91. That new target suggests a 23% upside to the stock's Friday closing price of $73.73. Goldman noted it likes DVN's exposure to its oil sands and shale assets.

Devon Energy shares, which have jumped nearly 19% year-to-date, rose 92 cents, or +1.3%, in premarket trading Monday.


The Bottom Line
Shares of Devon Energy ( DVN ) have a 1.09% dividend yield, based on Friday's closing stock price of $73.73. The stock has technical support in the $65-$70 price area. If the shares can firm up, we see overhead resistance around the $75-$78 price levels.

Devon Energy Corporation ( DVN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: DVN

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