J.P. Morgan expects another 'solid quarter' from Devon Energy, raises PT

Frontier Services

11/07/2022 13:33

** J.P. Morgan anticipates another solid operational quarter
and in-line production from oil and gas producer Devon Energy
Corp  DVN.N , raises PT to $83 from $80
    ** Says brokerage believes unique hook to DVN story is the
co's cash return strategy via recurring and variable dividends
    ** Brokerage expects DVN to completely exhaust its share
buyback authorization in 2022, with a potential increase in
authorization possible on Q2 print
    ** Brokerage notes co's Q2 buyback program could be slightly
impacted by blackout period associated with RimRock transaction
    ** DVN has an outstanding acreage position in the "core of
the core" of the Eagle Ford Shale and Delaware Basin - Brokerage
    ** DVN will report Q2 results on Aug 1, after markets close
    ** DVN's shares were down as much as 1.82% at $53.49
premarket, tracking a nearly 2% slump in crude prices
    ** Stock up ~23% YTD, as of last close

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))