Weren't the analyst giving Devon high marks earlier this year for having 7 billion in cash in their lock box? Now all I read is that Devon's debt has risen to a point where Moody's is questioning their rating, etc. I have been a long time holder of Devon shares and have never seen the negativity this company is now receiving and also have never seen such a fall in the price of shares as I have seen this past year. Sure looks it may be time for a change at the top before we have another Chesapeake on our hands.
Devon has faced headwinds because the company has significant borrowing needs to fund its drilling plans. The company needs to borrow more than any of the other oil companies of its size. That said, I don't think the borrowing requirements are much of a problem, since interest rates are so low and the debt level is not ridiculous.
Devon always seems to note its $7B in cash but the fact is that the cash is all overseas and can only be used to make an overseas acquisition (unless the company pays a a very significant tax bill).
Devon has some risk to the Q1 report because it warned of lower production in the first quarter, but I think that is also priced in already.