Company News

BUZZ-Devon Energy: Rises on plan to sell Canadian assets for $2.8 bln

** Shares of oil and gas producer Devon Energy up ~2% at $27.10 in premarket trading

** Co sell its Canadian assets to Canadian Natural Resources Ltd for C$3.8 bln ($2.81 bln) as part of an ongoing effort to become a pure-play oil producer

** Proceeds from the sale will be used for debt reduction, co says

** The assets provide Canadian Natural an opportunity to add value through synergies, with targeted benefits of C$135 mln on an annualized basis - CNQ President Tim McKay

** 19 out of 34 brokerages rate the stock “buy” or higher, 15 “hold”; their median PT is $38

** Up to Tuesday’s close, stock up ~18% this year ($1 = 1.3512 Canadian dollars) (Reporting By Arundhati Sarkar in Bengaluru)