Devon Energy Corporation [NYSE: DVN] loss -2.34% or -0.74 points to close at $30.92 with a heavy trading volume of 9891623 shares. The company report on May 24, 2021 that Devon Energy Corporation Announces Early Tender Results and Receipt of Requisite Consents to Amend Outstanding Notes of WPX Energy, Inc.
Devon Energy Corporation (NYSE: DVN) (the “Company” or “Devon”) announced that (i) as of 5:00 p.m., New York City time, on May 21, 2021 (the “Original Early Tender Deadline”), $1,958,718,000 in aggregate principal amount of the outstanding notes of WPX Energy, Inc., a wholly-owned, direct subsidiary of Devon, listed in the table below (the “WPX Notes”), representing approximately 97.23% of the total outstanding principal amount of the WPX Notes and at least a majority of the aggregate outstanding principal amount of each series of WPX Notes, had been validly tendered and not validly withdrawn in connection with its previously announced private exchange offers (the “Exchange Offers”) and related consent solicitations (the “Consent Solicitations”) with respect to the WPX Notes and (ii) the early tender deadline has been extended until 11:59 p.m., New York City time, on June 7, 2021 (the “Extended Early Tender Deadline”).
As of May 21, 2021, Devon has received the requisite consents from eligible noteholders to amend the WPX Notes and related indenture under which they were issued (as supplemented, the “WPX Indenture”). WPX Notes validly tendered and not validly withdrawn and that are accepted for exchange will be exchanged for new notes issued by Devon (the “Devon Notes”) on the settlement date, which is expected to be on June 9, 2021, and the applicable consideration will be paid to the holders of such WPX Notes on such date, unless the Exchange Offers and Consent Solicitations are extended or terminated.
It opened the trading session at $31.51, the shares rose to $31.99 and dropped to $30.66, the range by which the price of stock traded the whole day. The daily chart for DVN points out that the company has recorded 103.53% gains over the past six months. However, it is still -303.13% lower than its most recent low trading price.
If we look at the average trading volume of 11.79M shares, DVN reached to a volume of 9891623 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about 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 $32.77 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.
Raymond James have made an estimate for Devon Energy Corporation shares, keeping their opinion on the stock as Strong Buy, with their previous recommendation back on June 01, 2021. The new note on the price target was released on April 28, 2021, representing the official price target for Devon Energy Corporation stock. Previously, the target price had yet another raise to $30.75, while Goldman analysts kept a Buy rating on DVN stock.
The Average True Range (ATR) for Devon Energy Corporation is set at 1.30, with the Price to Sales ratio for DVN stock in the period of the last 12 months amounting to 4.58. The Price to Book ratio for the last quarter was 2.40, with the Price to Cash per share for the same quarter was set at 2.82. Price to Free Cash Flow for DVN in the course of the last twelve months was 33.29 with Quick ratio for the last quarter at 1.20.
Trading performance analysis for DVN stock
Devon Energy Corporation [DVN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 16.42. With this latest performance, DVN shares gained by 22.36% in over the last four-week period, additionally plugging by 103.53% over the last 6 months – not to mention a rise of 117.96% 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 72.81, with the RSI for the last a single of trading hit 75.21, and the three-weeks RSI is set at 70.16 for Devon Energy Corporation [DVN]. The present Moving Average for the last 50 days of trading for this stock 24.48, while it was recorded at 30.95 for the last single week of trading, and 17.36 for the last 200 days.
Devon Energy Corporation [DVN]: A deeper dive into fundamental analysis
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.
Devon Energy Corporation [DVN]: An earnings per share (EPS) analysis
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%.
An analysis of insider ownership at Devon Energy Corporation [DVN]
There are presently around $17,492 million, or 85.10% 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 $1.42 billion in DVN stocks shares; and STATE STREET CORP, currently with $1.23 billion in DVN stock with ownership of nearly 27.578% 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 367 institutional holders increased their position in Devon Energy Corporation [NYSE:DVN] by around 111,346,601 shares. Additionally, 361 investors decreased positions by around 146,430,718 shares, while 69 investors held positions by with 307,927,432 shares. The mentioned changes placed institutional holdings at 565,704,751 shares, according to the latest SEC report filing. DVN stock had 143 new institutional investments in for a total of 23,756,296 shares, while 122 institutional investors sold positions of 25,545,293 shares during the same period.