We reiterate our Neutral recommendation on Devon Energy Inc. (DVN). Devon Energy ranks among the leading independent oil and gas companies in the U.S. and has leverage to some of the best North American natural gas assets. However, we expect the present constrained commodity environment to continue weighing on Devon?s financial performance in the near term.
Oklahoma City-based Devon Energy is an independent energy company engaged primarily in exploration, development and production of oil and natural gas. Devon?s deep and diversified portfolio, primarily composed of unconventional resources, reflects significant long-term growth potential.
The company dedicates a considerable part of its capex budget to low-risk development projects in its vast North American assets, which provide reliable and repeatable production and reserves additions.
Furthermore, Devon?s significant exposure to emerging plays, consistent production profile and low cost structure reflect significant upside potential over the long run. Additionally, the company?s Marketing and Midstream operations,
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