DEVON ENERGY CORP. $43.90 (New York symbol DVN; TSINetwork Rating: Speculative) (405-235- 3611; www.dvn.com; Shares outstanding: 411.0 million; Market cap: $18.8 billion; Dividend yield: 2.2%) is one of the largest U.S.-based oil and natural gas explorers and producers. Its production mix is 40% gas and 60% oil.
The company narrowed its focus with its July 2014 sale of some of its properties to Linn Energy for $2.3 billion. The deal included holdings in the Rockies, the onshore Gulf Coast and the Mid-Continent region (which includes Oklahoma, Kansas and Texas).
The sale let Devon focus on what it views as low risk/ high-reward properties, especially the oil producing assets it bought in Texas’s Eagle Ford shale formation for $6.0 billion in 2013.
Excluding the assets sold to Linn, Devon’s daily output averaged 674,000 barrels of oil equivalent in the three months ended June 30, 2015, up 8.7% from 620,000 a year earlier. Production rose on drilling success at Eagle Ford and new capacity at its Jackfish heavy-oil plant in Canada.
Cash flow per share fell 40.0%, to $3.00 from $5.00, on sharply lower realized oil and gas prices.
Devon’s $11.4 billion of long-term debt is a high, but manageable, 60.6% of its currently depressed market cap. It holds cash of $1.7 billion, or $4.14 a share.
The stock trades at just 3.7 times Devon’s annual cash flow of $12.00 a share, based on the latest quarter— although that cash flow will vary along with oil and gas prices.
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