Energy Stocks Ending in the Red; Devon Energy Receives Two Price Target Increases Plus an Upgrade
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Energy stocks were narrowly lower this afternoon with the NYSE Energy Sector Index sinking about 0.5% while shares of energy companies in the S&P 500 were down 0.4% as a group. Crude oil for June delivery was near flat at $102.59 per barrel while June natural gas was up 7 cents to $4.54 per 1 million BTU.
In company news, shares of Devon Energy Corp ( DVN ) rose Tuesday following an upgrade of the exploration and production company at Barclays while analysts at Oppenheimer today boosted their price target for the stock.
In a new research note, Barclays raised DVN to Overweight from Equalweight, saying its balance sheet adjusted growth rate compared the company share price are "very good proxies for returns on new capital." The research shop also bumped its price target for the stock by $4 to $79 a share.
Separately today, analysts at Oppenheimer raised its DVN price target by $10 to $85 a share, citing recent deals it sees as helping the company reduce debt. It maintained its Outperform rating for the stock.
DVN shares were up slightly more than 1% in recent trade at $72.10 apiece, earlier climbing to a session high of $72.95 a share. The stock has a 52-week range of $51.66 to $73.79 a share, advancing nearly 23% in value over the past 12 months.
In other sector news,
(+) MTDR, Sees 40.7% to 51.2% growth in FY14 adjusted EBITDA over prior-year levels, according to a new investor presentation also posted in a regulatory filing. Proved reserves on March 31 rise 5.6% over prior quarter to 54.6 mln barrels of oil equivalent.
(-) APC, Reduced to Equalweight from Overweight at Barclays, which also set a $111 a share price target for the stock.