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CNQ - Devon Stock Overshooting On U.S. / Canada Divide
Canadian Natural Resources Limited
Devon Energy (DVN) announced it will sell or spin off its Canadian and Barnett Shale assets and buy back additional stock, and its shares sky-rocketed:
Data by YCharts
A number of investment bank updates and research analyst notes shared a range of perspectives and value expectations, particularly on the Canadian assets, which are expected to represent the bulk of the value. While there was consensus that a spin-off or sale is a good plan for Devon, there was a striking difference between U.S. and Canadian perspectives on the value of the Canadian assets.