DEVON ENERGY CORP. $72.21 (New York symbol DVN; SI Rating: Speculative) (405-235-3611; www.devonenergy.com; Shares outstanding: 443.8 million; Market cap: $32.0 billion) is one of the largest independent U.S.-based oil and gas explorers and producers. Its production mix is about 65% gas and 35% oil.
Devon’s properties are mainly in Canada and the U.S. Aside from conventional production, they include shale oil in northern Texas, oil sands in Canada and deep-water wells in the Gulf of Mexico.
In the three months ended June 30, 2009, lower oil and gas prices caused Devon’s cash flow per share to drop 56.2%, to $2.71 from $6.19.
The company raised its production by 11.8%, but this was not enough to offset the price declines. On a daily basis, the company produced 2.8 billion cubic feet of natural gas and 253,300 barrels of oil.
Devon’s shares trade at 7.1 times this year’s forecast cash flow of $10.20 a share. Its $5.8-billion debt is a low 18.1% of its market cap. Devon is spending $3 billion on exploration and development this year.
The company’s diverse production and prospects, mostly in stable North America, could make it a takeover target 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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