Jenny Harrington, CEO of Gilman Hill Asset Management, joins CNBC's 'Halftime Report' to break down why she's buying back Devon Energy.
Devon Energy Corporation DVN will release earnings results for its third quarter, after the closing bell on Tuesday, Nov. 5.
DVN's third-quarter earnings are expected to have benefited from contributions from acquired assets and strong production from multi-basin assets.
Devon Energy (DVN) closed at $38.14 in the latest trading session, marking a -1.17% move from the prior day.
Devon Energy (DVN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Devon Energy is undervalued with high profitability, trading at less than 8 times forward earnings and 9 times FCF, making it an attractive investment. DVN's strong Q2 performance, increased production guidance, and enhanced capital return program, including a $5 billion buyback, support a bullish outlook. The Grayson Mill acquisition adds significant assets, boosting production capabilities and profitability, positioning DVN for future growth.
Devon Energy's acquisition of Grayson Mill is expected to be accretive to existing shares. Devon Energy's balance sheet is improving, with a goal of reducing net debt to less than 1x EBITDAX. Devon Energy's free cash flow is expected to increase substantially with a rise in oil prices while maintaining capital efficiency.
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Devon Energy (DVN) closed at $39.51 in the latest trading session, marking a -1.64% move from the prior day.
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