Devon Energy (DVN): Q2 Results Will Include Smorgasbord of Catalysts

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.

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