Devon Energy’s Estimates Raised at UBS (DVN)

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Oil and natural gas producer Devon Energy Corporation ( DVN ) saw its earnings estimates boosted on Thursday by analysts at UBS.

The firm said it raised its estimates for DVN through 2011, citing higher production guidance and stock buybacks.

UBS currently rates the stock as a "Buy" with an $80 price target. That target represents a potential 22% upside to DVN's Wednesday closing price of $65.68.


Devon Energy shares fell 48 cents, or -0.7%, 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 .97%, based on last night's closing stock price of $65.68. The stock has technical support in the $63-$65 price area. If the shares can firm up, we see overhead resistance around the $72-$74 price levels. We would remain on the sidelines for now.

Devon Energy Corporation ( DVN ) is not recommended at this time, holding a Dividend.com 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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

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