Devon Posts Stronger-Than-Expected Production in 1Q; But Not Enough to Move Our $30 FVE
We're leaving our fair value estimate for no-moat Devon Energy unchanged at $30 per share following the release of first-quarter results. Devon posted a solid first quarter with light-oil production above management's guidance and capital expenditures below guidance. The company posted volumes of 529 thousand barrels of oil equivalent per day, well above the high-end of guidance, driven by strong U.S. shale performance. Production declined about 1% sequentially, with Canadian heavy-oil productio...Devon Energy is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company's operations are concentrated in various onshore areas in United States. The company's areas of operation include Delaware Basin, Eagle Ford, Powder River Basin and the STACK development, located primarily in Oklahoma's Canadian, Kingfisher and Blaine counties.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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