DEVON ENERGY CORP. $101.38 (New York symbol DVN; SI Rating: Speculative) (405-235-3611; www.devonenergy.com; Shares outstanding: 446.2 million; Market cap: $45.2 billion) is one of the largest U.S.-based independent oil and gas explorers and producers.
Devon’s properties are located mainly in the United States and Canada. The company has sold its operations in Egypt, and recently completed the sale of most of its assets in West Africa for $2.4 billion.
In the three months ended March 31, 2008, Devon’s revenues rose 20.3%, to $3 billion from $2.5 billion. Cash flow rose 79.6%, to $2.4 billion, or $5.48 a share, from $1.4 billion or $3.06 a share. Devon’s shares trade at 4.6 times annualized cash flow based on the latest quarter. Long-term debt of $6.4 billion is equal to 11% of market cap. Devon also holds cash of $1.9 billion or $4.25 a share.
Devon currently has production of 2.5 billion cubic feet per day of natural gas (408,500 barrels of oil equivalent) and 231,800 barrels of oil per day. The company’s production mix is about 64% natural gas and 36% oil. It’s now spending almost $7 billion a year on exploration and development.
Devon Energy’s diverse production and prospects, focused mostly in stable North America, could make it a takeover candidate for a bigger oil firm. That’s not reason enough to buy the stock, but it adds to its appeal.
Devon Energy is a buy.
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