Devon Energy Corporation [NYSE: DVN] stock went on an upward path that rose over 6.59% on Friday, amounting to a one-week price increase of more than 0.61%. The company report on May 10, 2021 that Devon Corporation Commences Private Exchange Offers and Consent Solicitations for Outstanding Notes of WPX Energy, Inc.
Devon Energy Corporation (NYSE: DVN) (the “Company” or “Devon”) announced that it is commencing private exchange offers (the “Exchange Offers”) and related consent solicitations (the “Consent Solicitations”) with respect to the series of outstanding notes of WPX Energy, Inc., a wholly-owned, direct subsidiary of Devon, listed in the table below (the “WPX Notes”).
Pursuant to the Exchange Offers, Devon is offering to issue, in a private offering to eligible noteholders, and for the consideration set forth in the table below, new notes (the “Devon Notes”) in exchange for any and all (to the extent held by eligible holders) of the approximately $2.0 billion aggregate principal amount of the outstanding WPX Notes. In addition, pursuant to the Consent Solicitations, Devon is soliciting consents from the eligible noteholders to amend the WPX Notes and related indenture under which they were issued (as supplemented, the “WPX Indenture”).
Over the last 12 months, DVN stock rose by 132.84%. The one-year Devon Energy Corporation stock forecast points to a potential upside of 14.27. The average equity rating for DVN stock is currently 1.80, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $16.75 billion, with 649.00 million shares outstanding and 628.06 million shares in the current float. Compared to the average trading volume of 12.17M shares, DVN stock reached a trading volume of 10071431 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Devon Energy Corporation [DVN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for DVN shares is $30.77 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on DVN stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Evercore ISI have made an estimate for Devon Energy Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 28, 2021. While these analysts kept the previous recommendation, Goldman raised their target price to Buy. The new note on the price target was released on March 23, 2021, representing the official price target for Devon Energy Corporation stock. Previously, the target price had yet another raise to $37, while Johnson Rice analysts kept a Buy rating on DVN stock.
The Average True Range (ATR) for Devon Energy Corporation is set at 1.20, with the Price to Sales ratio for DVN stock in the period of the last 12 months amounting to 3.72. The Price to Book ratio for the last quarter was 2.05, with the Price to Cash per share for the same quarter was set at 2.96. Price to Free Cash Flow for DVN in the course of the last twelve months was 27.07 with Quick ratio for the last quarter at 1.20.
DVN Stock Performance Analysis:
Devon Energy Corporation [DVN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.61. With this latest performance, DVN shares gained by 17.93% in over the last four-week period, additionally plugging by 128.00% over the last 6 months – not to mention a rise of 132.84% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for DVN stock in for the last two-week period is set at 65.92, with the RSI for the last a single of trading hit 68.27, and the three-weeks RSI is set at 63.59 for Devon Energy Corporation [DVN]. The present Moving Average for the last 50 days of trading for this stock 23.22, while it was recorded at 25.69 for the last single week of trading, and 16.15 for the last 200 days.
Insight into Devon Energy Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Devon Energy Corporation [DVN] shares currently have an operating margin of -5.74 and a Gross Margin at +1.50. Devon Energy Corporation’s Net Margin is presently recorded at -54.50.
Return on Total Capital for DVN is now -2.97, given the latest momentum, and Return on Invested Capital for the company is -28.67. Return on Equity for this stock declined to -58.64, with Return on Assets sitting at -21.56. When it comes to the capital structure of this company, Devon Energy Corporation [DVN] has a Total Debt to Total Equity ratio set at 157.82. Additionally, DVN Total Debt to Total Capital is recorded at 61.21, with Total Debt to Total Assets ending up at 45.93. Long-Term Debt to Equity for the company is recorded at 157.50, with the Long-Term Debt to Total Capital now at 61.09.
Reflecting on the efficiency of the workforce at the company, Devon Energy Corporation [DVN] managed to generate an average of -$1,819,286 per employee. Receivables Turnover for the company is 5.82 with a Total Asset Turnover recorded at a value of 0.40.Devon Energy Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.20.
DVN Stock EPS
With the latest financial reports released by the company, Devon Energy Corporation posted -0.18/share EPS, while the average EPS was predicted by analysts to be reported at -0.26/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 30.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for DVN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Devon Energy Corporation go to 25.00%.
Devon Energy Corporation [DVN] Insider Position Details
There are presently around $14,680 million, or 62.80% of DVN stock, in the hands of institutional investors. The top three institutional holders of DVN stocks are: VANGUARD GROUP INC with ownership of 76,608,225, which is approximately 17.072% of the company’s market cap and around 0.80% of the total institutional ownership; BLACKROCK INC., holding 45,991,981 shares of the stock with an approximate value of $1.21 billion in DVN stocks shares; and ENCAP ENERGY CAPITAL FUND X, L.P., currently with $898.59 million in DVN stock with ownership of nearly -56.87% of the company’s market capitalization.
Positions in Devon Energy Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 369 institutional holders increased their position in Devon Energy Corporation [NYSE:DVN] by around 90,680,942 shares. Additionally, 340 investors decreased positions by around 133,203,519 shares, while 68 investors held positions by with 332,604,329 shares. The mentioned changes placed institutional holdings at 556,488,790 shares, according to the latest SEC report filing. DVN stock had 145 new institutional investments in for a total of 16,329,937 shares, while 98 institutional investors sold positions of 22,572,535 shares during the same period.