DEVON ENERGY CORP. $68.68 (New York symbol DVN; TSINetwork Rating: Speculative) (405-235-3611; www.dvn.com; Shares outstanding: 407.4 million; Market cap: $27.6 billion; Dividend yield: 1.4%) is one of the largest U.S.-based oil and natural gas explorers and producers. Its production mix is 57% gas and 43% oil.
In 2011, Devon sold all of its international and Gulf of Mexico properties, which it saw as risky and expensive to develop. The company aimed to focus on its North American projects, which include conventional production, Texas shale oil and Alberta oil sands.
Devon recently narrowed its focus even further by 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 oil-producing properties in Texas’s Eagle Ford shale formation. It also plans to expand its other U.S. operations.
Meanwhile, Devon’s daily production averaged 696,200 barrels of oil equivalent in the three months ended December 31, 2013. That’s up 2.6% from 678,600 barrels a year earlier. Cash flow per share jumped 24.6%, to $3.75 from $3.01, on the increased production and higher oil and gas prices.
The company’s $12.0 billion of debt is a manageable 42.9% of its market cap. It ended the year with cash of $6.1 billion, or $14.97 a share.
The stock trades at 4.6 times Devon’s annual cash flow of $15 a share, based on the latest quarter. The company is raising its quarterly dividend by 9.1%, to $0.24 from $0.22, with the June 2014 payment. The stock now yields 1.4%, based on the new rate.
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