Has Devon Energy Put in a Bottom at $60?

Filed under: Stocks to Buy

Devon Energy Corporation (DVN), an independent oil/natural gas company first discussed here on May 27, 2009 at a price of $60.89, appears to be righting itself after a nearly year-long, incremental downtrend.



Further, Devon is transforming itself in to a pure onshore exploration and production company and divesting offshore assets. In 2010, Devon's oil sands/shale production will only partially offset natural gas production declines, stemming from a soft natural gas market. More-favorable DVN production increases should reappear in 2011.



Further, Devon will spend about $2 billion on shale plays in 2010, hence a high oil price is critical, given the higher production costs associated with oil sands extraction.

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Has Devon Energy Put in a Bottom at $60? originally appeared on BloggingStocks on Tue, 12 Oct 2010 17:00:00 EST. Please see our terms for use of feeds.

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