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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: gcrispin who wrote (52757)	11/9/2013 11:20:30 AM
From: E_K_S	Read Replies (1) \| Respond to of 78531

Re: DVN Hi gcrispin - Did Barron's provide their fair value price target for DVN? I see in my notes that on 4/2012 when DVN was first discussed, I calculated it's Graham Number value at $73.88/share. Now w/ the announced new MLP division, that value should be higher. Because DVN will hold a very large % of that MLP and as GP, they will begin to get steady revenue streams from the distributions. As their earnings per share increase over time w/ BV, their GN value goes higher. I missed the first buying opportunity in the $40's and am looking to start a position below $60.00/share. After looking at how they will monetize their midstream assets and keeping a controlling interest (owning over 65%) in the "new" MLP, it's a great way to help DVN maintain steady growing revenues. I would like management to sell their other operations that can not produce good sustainable revenues and focus on building those that do. Also, I would rather see them trim their Foreign exposure by selling interests in these assets to other JV partners. Management does not have the best operating track record either so I am also watching announcements of new VP's and/or having quality (low cost producer) JV partners to take the lead in developing some of their under performing assets. EKS