Devon Energy Upgraded to “Overweight” at Morgan Stanley (DVN)


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Integrated natural gas and oil producer Devon Energy Corporation ( DVN ) on Thursday saw its rating boosted by analysts at Morgan Stanley.

The firm raised its rating for DVN from "Equal-weight" to "Overweight" with a $74 price target. That target represents an expected 18% upside to the stock's Wednesday closing price of $62.92.

Morgan Stanley noted that Devon has the best share price upside potential in the oil/natural gas sector.

Devon Energy shares rose 49 cents, or +0.8%, in premarket trading Thursday.

The Bottom Line
We removed shares of DVN from our recommended list July 31,2008, when shares were trading at $94.89. The company has a dividend yield of 1.02%, based on last night's closing stock price of $62.92. The stock has technical support in the $57-$60 price area. If the shares can firm up, we see overhead resistance around the $66 price level. We would remain on the sidelines for now.

Devon Energy Corporation ( DVN ) is not recommended at this time, holding a DARS™ Rating of 3.4 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 Nasdaq, Inc.

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