Oil and natural gas producer Devon Energy Corporation ( DVN
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.
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