Posts for Ticker ‘DVN’

Top 10 Analyst Upgrades, Downgrades, Initiations (DVN, XOM, HES, ITW, LEA, NFLX, PALM, PARD, SPWRA, VRTX)

These are this morning’s top ten analyst upgrades, downgrades, and initiations seen from Wall Street research calls:

Devon Energy (NYSE: DVN) Raised to Outperform at Wells Fargo.
Exxon Mobil Corp. (NYSE: XOM) Raised to Overweight at Barclays.
Hess Corporation (NYSE: HES) Raised to Buy at UBS.
Illinois Tool Works (NYSE: ITW) Raised to Buy at UBS.
Lear Corp. (NYSE: LEA) Started as Overweight at JPMorgan.
Netflix Inc. (NASDAQ: NFLX) Started as Buy at Collins Stewart.
Palm Inc. (NASDAQ: PALM) Raised to Buy at Kaufman.
Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) Cut to Market Perform at Rodman & Renshaw.
Sunpower Corporation (NASDAQ: SPWRA) Cut to Neutral at Piper Jaffray; Cut to Market Perform at FBR Capital Markets.
Vertex Pharmaceuticals (NASDAQ: VRTX) Cut to Neutral at Merriman Curhan Ford.

You can join our open email distribution list to hear more news on key analyst calls, top day trader alerts, Buffett and other investment gurus, IPOs, secondary offerings, mergers and more.

JON C. OGG

Posted on: November 17, 2009 – 8:01 am in Pre-Market Activity, Trading Alert, , , , , , , , , ,

Today’s Best Market Rumors (11/16/2009) (DVN)(NVDA)(C)(AAPL)

magazinUpdated throughout the day.

Updated 12.43 PM EST:  Apple may hire its own video game developers to create iPhone and iPod products  (Apple Insider)

Updated 11.57 AM EST:  Devon Energy (NYSE:DVN) may sell its international operations to interests in China  (NYT)

Central banks will be net purchasers of gold for the first time in decades  (CNBC)

Goldman Sachs (NYSE:GS) wants to expand it wealth management operation (Investment News and Business Insider)

Nvidia (NASDAQ:NVDA) has started to complain about Intel’s (NYSE:INTC) just as the world’s largest chip company settled antitrust issues with AMD (NYSE:AMD)

Intel plans to release powerful new notebook chips in January. (Digitimes)

Microsoft (NASDAQ:MSFT) will launch a Zune music and movies brand outside the US to try to challenge Apple (NASDAQ:AAPL) in the mobile content business.  (FT)

JPMorgan (NYSE:JPM) is trying to buy the 50% of management firm Cazenove Group that it does not already own for $1.7 billion.  (Bloomberg)

Citigroup (NYSE:C) has rejected Terra Firma Capital’s offer to restructure EMI Group. (WSJ).

Douglas A. McIntyre

Posted on: November 16, 2009 – 8:46 am in Rumors, Uncategorized, , , , , , , , ,

Top Analyst Downgrade/Cautious Calls (AIG, ARRS, CHK, DVN, IGT, PEP, RIMM)

These are Tuesday’s top pre-market analyst downgrades or cautious research calls seen out of Wall Street:

American International Group (NYSE: AIG) Resumed as Neutral at UBS, so technically not a downgrade.
Arris (NASDAQ: ARRS) Cut to Underperform at Jefferies.
Chesapeake (NYSE: CHK) Cut to Underperform at Credit Suisse.
Devon Energy (NYSE: DVN) Cut to Underperform at Credit Suisse.
International Game Tech (NYSE: IGT) Cut to Buy from Conviction Buy List at Goldman Sachs.
Pepsico (NYSE: PEP) removed from the Focus List at Credit Suisse.
Research in Motion (NASDAQ: RIMM) Started as Underperform at Bernstein.

You can join our open email distribution list which goes out several times per week for reminders of top day trader alerts, top analyst upgrades and downgrades, IPO’s, key secondary offerings, guru investor data on Buffett and others, mergers, and more.

JON C. OGG
OCTOBER 6, 2009

Posted on: October 6, 2009 – 8:00 am in Analyst Calls, , , , , , ,

T. Boone Pickens & BP Updated Stock Holdings (ANR, APC, COG, CHK, CNX, DVN, FLR, FWLT, HAL, MEE, OXY, STR, SLB, SU, RIG, WFT)

Pickens PicThis morning we got to see the new equity holdings of T. Boone Pickens, via his BP Capital Management, L.P.,  as of March 31, 2009.  Some of the higher stakes look to be in Chesapeake Energy Corporation (NYSE: CHK), Devon Energy Corporation (NYSE: DVN), Suncor Energy Inc. (NYSE: SU), and Transocean Ltd. (NYSE: RIG).  Here is the full list of holdings for Pickens’ BP Capital with the implied value as of the reporting dat of March 31:

Posted on: May 15, 2009 – 11:37 am in Activist Investor, Insider Activity, Mutual Funds, Oil & Gas, , , , , , , , , , , , , , , ,

Refiner Shows Profit, E&P and Services Don’t (WNR, DVN, FWLT)

refinery-imageThree companies representing three distinct areas of the oil business have reported earnings and the surprise to many will be that the refiner put up the best numbers. Western Refining Inc. (NYSE:WNR) reported EPS of $0.86, way up from a net loss of $-0.60 in the same period a year ago, and above a consensus estimate of $0.84. Revenues did not keep pace though. Western’s sales came in at $1.37 billion, compared with $2.55 billion a year ago, and consensus estimates of $2.96 billion.
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Posted on: May 6, 2009 – 8:02 am in Earnings, Oil & Gas, , ,

Top Analyst Upgrades (STD, DVN, ELN, RIMM, TJX, VOD)

These are some of the top pre-market analyst upgrades and positive research calls we have seen early this Friday morning:

Banco Santander (STD) Raised to Outperform at KBW.
Devon Energy (DVN) Raised to Outperform at FBR.
Elan (ELN) Raised to Neutral from Sell at Piper Jaffray.
Research in Motion (RIMM) Raised to Hold at Deutsche Bank; Raised to Outperform at CIBC; estimates and price targets adjusted higher by at least 5 other firms so far this morning.
TJX Cos. (TJX) Started as Outperform at RBC.
Vodafone (VOD) Raised to Outperform at Credit Suisse.

JON C. OGG

Posted on: April 3, 2009 – 6:55 am in Analyst Calls, , , , , ,

Natural Gas Prices Driven By LNG Imports? (DVN, CHK)

There are some issues surrounding natural gas that is keeping a cap on the sector.

Spot prices are bouncing around between $3.50 and $4.00 per thousand cubic feet. At those prices, unconventional shale gas plays are largely uneconomical.  The big US shale plays are the Barnett Shale in the Dallas-Fort Worth area and Arkansas’ Haynesville Shale, where companies like Devon Energy Corp. (NYSE:DVN) and Chesapeake Energy Corp. (NYSE:CHK) own vast drilling rights.
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Posted on: March 12, 2009 – 10:10 am in Oil & Gas, ,

The 52-Week Low Club (SIRI)(MOD)(GXP)(HST)(DVN)

sad_clown3Modine Manufacturing (MOD) Losing money and problems with debt covenants. Drops to $.93 from 52-week high of $19.60.

Great Plains Energy (GXP) Bad quarterly results. Very bad. Shares plunge to $14.53 from 52-week high of $27.50.

Devon Energy (DVN) Rise in crude stockpiles. Down to $51.53 from 52-week high of $127.43.

Host Hotels & Resorts (HST) Wall St. starting to cut estimates on hotel earnings. Sells off to $4.37 from 52-week high of $18.81.

Sirius Xm Radio (SIRI) Chapter 11 rumors. Drops to $.052 from 52-week high of $3.89.

Douglas A. McIntyre

Posted on: February 11, 2009 – 4:13 pm in HI/LOW, , , , ,

Anadarko Hits Pay Dirt Again (APC, DVN, XOM)

Anadarko Petroleum Company (NYSE:APC) announced another significant Gulf of Mexico discovery this morning. The new discovery offers 300 feet of net oil pay, in addition to Anadarko’s other Gulf of Mexico find announced a couple of days ago. The company is definitely on a roll.

Read More »

Posted on: February 4, 2009 – 12:43 pm in Oil & Gas, , ,

Devon Results Hit by Big Drop in Asset Values (DVN)

Devon Energy Corp. (NYSE:DVN) reported a net loss for its fourth quarter of $6.8 billion (EPS of -$15.42), and a net loss for the year of $2.1 billion (EPS of -$4.85). Anyone who is surprised by these numbers hasn’t been paying attention.

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Posted on: February 4, 2009 – 10:28 am in Earnings, Oil & Gas,

Will Big Oil Go Shopping? (XOM, CVX, RDS, BP, COP, APA, DVN, APC)

Money_stack_pic_2Yesterday’s story about Venezuela opening the bidding for its oil resources raised an interesting question. What are the chances that Exxon Mobil Corporation (NYSE:XOM), with nearly $40 billion in cash at the end of the third quarter or Chevron Corporation (NYSE:CVX) with about $11 billion will acquire new assets or purchase smaller companies? Royal Dutch Shell plc (NYSE:RDS.A-B) is sitting on nearly $8 billion in cash, and BP plc (NYSE:BP) holds more than $6 billion.  If you have listened to what Big Oil operators have been saying, you can  assume that there is at least some interest in them looking at opportunistic acquisitions of companies, units, or reserve assets.

ConocoPhillips Corporation (NYSE:COP), though its market cap is near $75 billion, held more than $1 billion in cash at the end of the third quarter. Another substantial E&P player, Apache Corporation (NYSE:APA), has about $1.7 billion in cash and short-term equivalents.  Devon Energy Corporation (NYSE:DVN) has about $1.3 billion, and Anadarko Petroleum Corporation (NYSE:APC) has nearly $2 billion. 

What energy companies have right now that other industries might not have is at least a perceived ease of access or at least somewhat easier access to capital vie debt or equity sales.   

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Posted on: January 16, 2009 – 11:48 am in Mergers and Buy Outs, Oil & Gas, Value Investing, , , , , , , ,

Capital Spending Falls Off a Cliff (DVN, SD, ME, HES, EQT)

Oil_well_imageWe’ve been following recent announcements of pullbacks in capital spending in the oil and gas patch. Every day it seems, one or two more companies announce that capital spending will be cut by up to 50% from previously announced numbers.

Today’s crop of thrifty companies includes Devon Energy Corporation (NYSE:DVN), SandRidge Energy Inc. (NYSE:SD), and Mariner Energy, Inc. (NYSE:ME). Actually, Devon only announced that it would announce its 2009 capital budget "in early 2009" when it reports earnings for 2008. This is news because the company historically disclosed its spending plans in December for the following year. This development is not unlike Apple’s announcement that Steve Jobs won’t be attending the Macworld this year.

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Posted on: December 17, 2008 – 11:19 am in Oil & Gas, , , , ,

A Little Good News for Chesapeake Energy (CHK, RRC, SWN, DVN)

In a bit of good news this morning for Chesapeake Energy Corporation (NYSE:CHK), the Deutsche Bank analyst who downgraded Range Resources Corporation (NYSE:RRC), Southwestern Energy Company (NYSE:SWN), and Devon Energy Corporation (NYSE:DVN) maintained Chesapeake as one of four energy companies it still rates as a ‘buy’. As a little thank-you, Chesapeake announced its fourth-quarter dividend this morning.

Read More »

Posted on: December 15, 2008 – 12:49 pm in Oil & Gas, , , ,

Energy Company Downgrades Hit E&P Companies (RRC, SWN, DVN)

Oil_well_imageBurning_money_pic_3News from the energy patch just keeps getting worse. Global consumption is down, consumer prices are down, and just about every company is reducing spending on exploration and production. This morning a Deutsche Bank analyst rubbed a little more salt into the wounds, cutting Range Resources Corp. (NYSE:RRC), Southwestern Energy Co. (NYSE:SWN), and Devon Energy Corporation (NYSE:DVN).  These were formal ratings downgrades where the companies were cut from ‘buy’ to ‘hold’.

Read More »

Posted on: December 15, 2008 – 10:41 am in Analyst Calls, Oil & Gas, , ,

Top Pre-Market Analyst Upgrades & Downgrades (DVN, ECA, STR, RSG, APC, AIN, AVB, BRE, CBST, DLTR, MEOH, SOA, SU, UDR)

These are some of the top pre-market upgrades and downgrades we have seen from Wall Street analysts this Monday morning:

  • Devon Energy (DVN) Raised to Buy at Jefferies.
  • EnCana (ECA) Raised to Neutral at Goldman Sachs.
  • Questar (STR) Raised to Buy at Goldman Sachs.
  • Republic Services (RSG) Raised to Outperform at FBR.
  • Anadarko Petroleum (APC) Cut to Sell from Buy at Goldman Sachs.
  • Apartment Investment (AIV) Cut to Market Perform at KBW.
  • AvalonBay (AVB) Cut to Underperform at KBW.
  • BRE Properties (BRE) Cut to Underperform at KBW.
  • Cubist (CBST) Cut to Underperform at Leerink Swann.
  • Dollar Tree (DLTR) Cut to Market Perform at FBR.
  • Methanex (MEOH) Cut to Sector Perform at CIBC.
  • Solution (SOA) Cut to Neutral at Goldman Sachs.
  • Suncor Energy (SU) Cut to Sell at Goldman Sachs.
  • UDR (UDR) Cut to Market Perform at KBW.

Jon C. Ogg
December 8, 2008

Posted on: December 8, 2008 – 7:51 am in Analyst Calls, , , , , , , , , , , , , ,

Top Pre-Market Analyst Downgrades (AMZN, DOX, BRY, CNQ, CEO, CFX, DVN, EOG, GGP, MDR, NWS, PCP, SPWRA, SVR)

These are some of the many analyst downgrades we have seen on Wall Street this Thursday morning:

  • Amazon.com (AMZN) Cut to Hold at Citigroup.
  • Amdocs (DOX) Cut to Neutral at Baird.
  • Berry Petroleum (BRY) Cut to Sell at Goldman Sachs.
  • Canadian Natural Resources (CNQ) Cut to Sell at Goldman Sachs.
  • CNOOC (CEO) Cut to Neutral at Credit Suisse.
  • Colfax (CFX) Cut to Neutral at Baird.
  • Devon Energy (DVN) Cut to Market Perform at FBR; Cut to Neutral at Goldman Sachs.
  • EOG Resources (EOG) Cut to Neutral at Goldman Sachs.
  • General Growth Properties (GGP) Cut to Neutral at UBS.
  • McDermott (MDR) Cut to Hold at Jefferies; Cut to Neutral at Credit Suisse.
  • News Corp. (NWS) Cut to Neutral at JPMorgan.
  • Precision Castparts (PCP) Cut to Neutral at UBS.
  • SunPower (SPWRA) Cut to Neutral at Merriman Curhan Ford.
  • Syniverse (SVR) Cut to Neutral at Baird.

Jon C. Ogg
November 6, 2008

Posted on: November 6, 2008 – 7:58 am in Analyst Calls, , , , , , , , , , , , , ,

The Devon in the Details, a Bunt (DVN, APA, XOM, CVX, COP)

Devon_logoBefore the market opened this morning, Devon Energy (NYSE:DVN) reported third quarter net income of $2.6 billion (EPS of $5.92) on revenue of $5.99 billion. After backing out a non-cash gain from derivatives of $1.6 billion, the company’s earnings were $3.09, three pennies higher than consensus estimates. Revenue handily surpassed estimates of $4.02 billion.

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Posted on: November 5, 2008 – 11:35 am in Earnings, Oil & Gas, , , , ,

Is Everything Really Quiet in the Oil Patch? (XOM, CVX, CVP, APA, DVN, APC)

Oil_well_logo_2The ups and downs of the government’s attempts to get a bailout package for financial institutions is leading the major players in the oil patch to remain really quiet. Given the yelping not so long ago about the ban on offshore drilling, you might expect some gloating and even some boost in share prices given Congress’s decision to let the federal ban expire. Neither is happening.

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Posted on: September 26, 2008 – 1:02 pm in Oil & Gas, , , , , ,

Upping Natural Gas Output Just In Time For Lower Prices (NFX, APA, APC, CHK, DVN)

Exploration and production companies have been loading up on natural gas assets in the US for the past several years, and now it looks like that might not have been the best thing they could have done. Five years ago, natural gas prices were around their historical level relative to crude oil, about $1.00 for every $6.00 of the oil price. The ratio reflected the fact that a barrel of oil contains roughly six times more energy than a thousand cubic feet of natural gas. The most recent EIA natural gas report noted gas prices of $7.26/million BTUs, compared with crude oil prices of $18.90/million BTUs. So, what happened? And is it going to continue?

Read More »

Posted on: September 9, 2008 – 10:09 am in Oil & Gas, , , , , , , , , , ,

Goldman Sachs Lifts Oil Services Sector (APC, APA, CVX, COP, DVN, EOG, HES, PBR, SU)

We already noted how Goldman Sachs Group (NYSE: GS) has raised its average oil prices for the years ahead, but the firm has also raised its OIL SERVICES Sector ratings this morning to "Attractive" from "Neutral."  Below are just some of the "BUY-Rated" stocks covered in this call with significant raised estimates:

  • Anadarko Petroleum Corp. (NYSE: APC)
  • Apache Corp. (NYSE: APA)
  • Chevron Corp. (NYSE: CVX)
  • ConocoPhillips (NYSE: COP)
  • Devon Energy Corp. (NYSE: DVN)
  • EOG Resources Inc. (NYSE: EOG)
  • Hess Corp. (NYSE: HES)
  • Petroleo Brasileiro S.A. (NYSE: PBR)
  • Suncor Energy Inc. (NYSE: SU)

The firm believes that $100.00 oil is reality. and is raising price targets by 12% on average with new price targets to reflect the high-end of its trading ranges with what it now sees as a 20% average upside for the Goldman Sachs "Buy-rated" stocks.

The firm had been recommending a strategy of "buy on pullbacks" but it notes that the pullbacks have been shorter and smaller than expected.   The firm believes that the stocks could trade 5% to 10% lower in a correction scenario as of now, but also says it would view any weakness as temporary and would use it as a buying opportunity.

Jon C. Ogg
June 19, 2008

Posted on: June 19, 2008 – 7:40 am in Analyst Calls, Oil & Gas, , , , , , , , ,