2024-05-17 12:52:46 ET
Summary
- Devon Energy Corporation has reported productivity gains and is efficiently restraining capital spending, leading to production growth and lower spending.
- The company is benefiting from higher oil prices and plans to boost production, as it is breakeven at $40/bbl while WTI prices are above $80/bbl.
- Devon Energy is using its large cash flows to repurchase shares and has reduced its share count while still paying solid dividends.
Devon Energy Corporation ( DVN ) finally saw the stock rebound during March, but the stock has now given up a portion of those gains. The energy company likely shouldn't trade in such a wide volatility range. My investment thesis remains ultra-Bullish on Devon, with higher oil prices leading to a profit boost and big dividend payout....
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Devon Energy: Discipline Paying Off