{"id":18712,"date":"2023-06-26T10:19:16","date_gmt":"2023-06-26T10:19:16","guid":{"rendered":"https:\/\/valutico.com\/?p=18873"},"modified":"2023-11-26T11:16:31","modified_gmt":"2023-11-26T11:16:31","slug":"devon-energy-diversifying-into-geothermal","status":"publish","type":"post","link":"https:\/\/valutico.com\/es\/devon-energy-diversifying-into-geothermal\/","title":{"rendered":"Devon Energy: Diversifying into Geothermal"},"content":{"rendered":"

Devon Energy Corporation<\/h1>\n

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Weekly Valuation – Valutico | June 26, 2023<\/span><\/p>\n

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Link to the valuation<\/a><\/p>\n

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About the company<\/b><\/h2>\n

Devon Energy Corporation, based in Oklahoma City, is a prominent player in the energy industry known for its commitment to oil and natural gas exploration and production. With a strong track record and a global presence, Devon Energy has positioned itself as a leading company in the energy sector. The company is dedicated to responsibly harnessing natural resources to meet the energy demands of the modern world.<\/span><\/p>\n

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About the deal<\/b><\/h2>\n

This partnership marks a convergence of Devon’s over 50 years of innovation in oil and gas with Fervo’s advanced geothermal capabilities. Fervo is known for being the first geothermal company to successfully implement a horizontal well pair for commercial geothermal production, a technique pioneered by Devon for oil and gas production. Fervo’s innovative approach, including horizontal drilling and multi-stage well completion, makes geothermal power more accessible and reliable. The partnership is aligned with Devon\u2019s new energy ventures strategy.<\/span><\/p>\n

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Recent Financial Performance<\/b><\/h2>\n

In Q1 2023, Devon Energy saw a marginal profit and sales growth with net income of USD 995 million and revenues of USD 3.82 billion. The company reported an 11% rise in production to 641K boe\/day, driven by Eagle Ford assets. Despite a decline in realized prices for all commodities, the company upholds steady growth. It sustains its FY 2023 production and capital spending outlook. Based on the first-quarter financial performance, Devon declared a fixed-plus-variable dividend of $0.72 per share.<\/span><\/p>\n

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Share Price Performance<\/b><\/h2>\n

The company has a market capitalization of more than $32 billion, however, its share price is still down roughly 30% from highs set last year. Devon is having a tough year because of the decline in oil prices and related recession fears have caused the stock to fall roughly 13%. Devon shares are 30% below their 52-week high and 20% above their 52-week lows. Devon’s current share price stands at USD 47.15.<\/span><\/p>\n

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Valutico Analysis\"\"<\/b><\/h2>\n

We analyzed Devon Energy Corporation by using the Discounted Cash Flow method, specifically our DCF WACC simplified approach, as well as a Trading Comparables analysis. The Discounted Cash Flow analysis produced a value of USD 27.1 billion using a WACC of 11.7%.\u00a0<\/span><\/p>\n

The Trading Comparables analysis resulted in a valuation range of USD 27.1 billion to USD 35.4 billion by applying the observed trading multiples EV\/Sales, EV\/EBITDA, EV\/EBIT and P\/E. For our Trading Comparables we selected similar peers such as Coterra Energy Inc., Earthstone Energy, Inc. and Northern Oil and Gas, Inc.<\/span><\/p>\n

Combining our DCF WACC and Trading Comparables analysis results in a valuation range of USD 27 billion to USD 33 billion. In comparison to Devon Energy market capitalization of USD 31.7 billion we suggest that the company is fairly valued<\/span><\/p>\n

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Link to the valuation<\/a><\/p>\n

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Disclaimer\u00a0<\/b><\/p>\n

This article is for informational purposes only and does not constitute investment advice. None of the information contained herein constitutes a solicitation, offer or recommendation to sell or buy any financial instrument.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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