Initiating Coverage of Devon Energy; Shares Fairly Valued
We are initiating coverage of Devon Energy with a fair value estimate of $32 per share and a no-moat rating. We think shares look fairly valued. Devon holds acreage across a variety of U.S. shale plays, but its key shale assets are in the Delaware portion of the Permian Basin and in the STACK oil play in western Oklahoma. In addition to shale assets, Devon owns heavy oil operations in the Athabasca sands of Canada.We view the company's position in the Delaware as its most promising asset. Devon...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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