|Bid||0.00 x 3000|
|Ask||0.00 x 1400|
|Day's range||40.04 - 41.50|
|52-week range||28.79 - 45.16|
|PE ratio (TTM)||54.10|
|Earnings date||30 Jul 2018 - 3 Aug 2018|
|Forward dividend & yield||0.32 (0.76%)|
|1y target est||47.09|
With the monetization of midstream assets, Devon Energy (DVN) to is set to exceed its divestiture target, while Exxon Mobil (XOM) has decided to bet big on Brazil's offshore blocks.
In the week ending June 8, Viper Energy Partners (VNOM), a royalty and mineral interest owner MLP, continued to be among the top MLP losses for the second consecutive week. Viper Energy Partners fell 9.5% last week. The partnership’s sharp decline last week could be due to its rating downgrade by Stifel and weakness in crude oil prices.
On June 6, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report. It reported that US crude oil inventories increased 2.1 MMbbls (million barrels) to 436.6 MMbbls from May 25 to June 1. However, inventories decreased 76.6 MMbbls, or 15% year-over-year.
Devon' (DVN) decision to monetize midstream assets is going to help lower its debts and improve shareholders' value through share buyback.
UnitedHealth and Devon Energy announced plans to heap more rewards on shareholders Wednesday, as 2018 shapes up to be a record year for dividends and buybacks.
Oil and gas producer Devon Energy Corp.’s interests in the Dallas midstream company includes stakes in EnLink Midstream Manager LLC, EnLink Midstream Partners LP and EnLink Midstream LLC.
The oil giant plans to use the proceeds to buy back a significant portion of its outstanding stock.
Devon Energy Corp. (DVN) announced today that shareholders have elected John Krenicki Jr. to the board of directors. The board previously nominated Krenicki, and shareholders approved his selection at the company’s annual meeting today, during which the company’s existing board members were re-elected to one-year terms. The addition of Krenicki expands Devon’s board to 10 members, of whom eight are independent directors.
Devon Energy Corp. announced today that its board of directors has declared a quarterly cash dividend on Devon’s common stock for the third quarter of 2018. The dividend is payable on Sept.
"The EnLink proceeds, combined with proceeds from the non-core E&P assets already sold and those currently being marketed, will exceed our $5 billion divestiture target," Chief Executive Officer Dave Hager said in statement. "The midstream monetization may have come sooner than anticipated as some were expecting sale of Canada or the Eagle Ford," Kathy Yang, analyst at Cowen & Co, said. "Although the EnLink sale following the Johnson County Barnett sale brings the company's divestitures over its $5 billion target, we would not rule out further portfolio optimization as focus is on Delaware & STACK core assets," Yang added.
Shares of Devon Energy Corp. rallied 1.2% in premarket trade Wednesday, after the company said it agreed to sell its interest in EnLink Midstream Partners L.P. and EnLink Midstream LLC for $3.125 billion to an affiliate of Global Infrastructure Partners. As a result of the deal, the oil and natural gas company said it increased its share repurchase program to $4 billion, from the $1 billion program announced in March. Based on Tuesday's closing price for Devon's stock, the new program could represent about 19.4% of the shares outstanding.
Devon Energy is selling EnLink Midstream and its aggregate ownership interests in EnLink Midstream Partners for about $3.13 billion to an affiliate of an infrastructure fund manager, Devon said.
Devon Energy Corp. announced today it has entered into an agreement to sell its aggregate ownership interests in EnLink Midstream Partners, LP and EnLink Midstream, LLC to an affiliate of Global Infrastructure Partners , a leading global, independent infrastructure fund manager for $3.125 billion.
Permex Petroleum Corporation Announces New Strategic Acquisition and Alignment with World Class Large Cap Operator on West Texas Field
Devon Energy Corp. (DVN) announced today that management will present at the J.P. Morgan Energy Conference in New York at 3:20 p.m. ET on Monday, June 18, 2018. The presentation will be available to the public via webcast. The presentation will include forward-looking information.
Devon Energy (DVN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Investors in Devon Energy (DVN) need to pay close attention to the stock based on moves in the options market lately.
As of May 25, Reuters reported that 22 analysts gave recommendations on ConocoPhillips. Of the analysts, ~18% recommended a “strong buy,” ~46% recommended a “buy,” and ~36% recommended a “hold.” There weren’t any “sell” or “strong sell” recommendations.
As we discussed in the previous part, ConocoPhillips’s (COP) stock price fell ~6% for the week ending May 25. Crude oil (SCO) fell almost 5% last week. So, ConocoPhillips’s stock price underperformed crude oil prices. In this part, we’ll discuss the correlation between ConocoPhillips stock and crude oil prices.
For the week ending May 25, crude oil (USO) prices decreased from $71.37 per barrel to $67.88 per barrel—a decrease of almost 6%. Crude oil prices saw a declining trend last week. Crude oil prices decreased in the last four days of the week. Even though crude oil prices increased on Monday and hit a 52-week high of $72.90 per barrel on Tuesday, they didn’t stay at the higher levels.
On May 23, the EIA released its crude oil inventory report. The EIA reported that US crude oil inventories increased by ~5.8 MMbbls to 438.1 MMbbls on May 11–18. However, the inventories declined by 78.2 MMbbls or ~15% YoY (year-over-year).