DEVON ENERGY CORP. $63.46 - New York symbol DVN

DEVON ENERGY CORP. $63.46 (New York symbol DVN; TSINetwork Rating: Speculative) (405-235-3611; www.dvn.com; Shares outstanding: 406.0 million; Market cap: $25.9 billion; Dividend yield: 1.5%) continues to sell assets to focus on its fast-growing U.S. properties.

Devon is selling some of its Canadian properties to Canadian Natural Resources (symbol CNQ on Toronto) for $2.8 billion.

The company will use the cash to fund last year’s $6-billion purchase of oilproducing properties in Texas’s Eagle Ford shale formation. It also plans to further expand its U.S. operations.

The Canadian Natural deal doesn’t include Devon’s Horn River interests in northern B.C., nor its heavy oil assets in Alberta. However, the company will likely look for a buyer for those, as well.

Devon Energy is a buy.

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