FBR sees 40%+ returns on oil and gas explorer and developer, Devon Energy (DVN). The firm believes DVN’s Q208 earnings announcement, scheduled for August 6th, 2008, will provide several near and long-term catalysts:
- the potential for a large share buyback
- full year 2008 production guidance increase from drilling efficiencies
- increased North American onshore capex
- lower-risk plays across the U.S. and Canada
FBR reiterates OUTPERFORM on Devon Energy (DVN), target $140.