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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Dennis Roth who wrote (176692)	2/25/2013 8:17:57 AM
From: Dale Baker	2 Recommendations Read Replies (1) of 206110

Looks like DVN is a good way to play the Cline: lubbockonline.com 02/21/13 10:01 am ET ... S&P MAINTAINS BUY RECOMMENDATION ON SHARES OF DEVON ENERGY (DVN 56.03****): DVN post Q4 and an $86 net asset value estimate. We lift our target price by $4 to $70. On cost and production guid- ance, we cut our '13 EPS estimate $0.27 to $4.34 and set '14's at $5.67. Q4 EPS of $0.78, vs. $1.55, missed our forecast by $0.03 on costs as pro- duction and prices beat. We see flat overall production in '13 with gas down 8% and oil up 37%, but the liquids mix is seen at 43%, vs. 38%, in Q4. Drilling capex plan is $6.4B-$7.0B, vs. $6.8B in '12 ex. acquisitions. Reserves only fell 2% after gas revisions, with oil up 13%, boost- ing our NAV on higher margin oil. /M

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