why Devon Energy Corporation [DVN] is a Good Choice for Investors After New Price Target of $38.16

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Devon Energy Corporation [NYSE: DVN] price plunged by -0.51 percent to reach at -$0.2. The company report on September 22, 2021 that Devon Energy Schedules Third-Quarter 2021 Earnings Release and Conference Call.

Devon Energy Corp. (NYSE: DVN) announced it will report third-quarter 2021 results on Tuesday, Nov. 2, after the close of U.S. financial markets. The earnings release and presentation for the third-quarter 2021 results will be available on the company’s website at www.devonenergy.com.

On Wednesday, Nov. 3, the company will hold a conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), which will consist primarily of answers to questions from analysts and investors. A webcast link to the conference call will be provided on Devon’s website at www.devonenergy.com. A replay will be available on the website following the call.

A sum of 9251298 shares traded at recent session while its average daily volume was at 11.51M shares. Devon Energy Corporation shares reached a high of $40.23 and dropped to a low of $38.7607 until finishing in the latest session at $39.25.

The one-year DVN stock forecast points to a potential downside of -2.86. The average equity rating for DVN stock is currently 1.80, trading closer to a bullish pattern in the stock market.

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 $38.16 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.

Bernstein have made an estimate for Devon Energy Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on June 21, 2021. While these analysts kept the previous recommendation, Morgan Stanley raised their target price from $28 to $32. The new note on the price target was released on June 18, 2021, representing the official price target for Devon Energy Corporation stock. Previously, the target price had yet another raise from $34 to $40, while Raymond James kept a Strong Buy rating on DVN stock.

The Average True Range (ATR) for Devon Energy Corporation is set at 1.55, with the Price to Sales ratio for DVN stock in the period of the last 12 months amounting to 3.92. The Price to Book ratio for the last quarter was 3.13, with the Price to Cash per share for the same quarter was set at 2.36. Price to Free Cash Flow for DVN in the course of the last twelve months was 13.22 with Quick ratio for the last quarter at 1.00.

DVN Stock Performance Analysis:

Devon Energy Corporation [DVN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.07. With this latest performance, DVN shares gained by 35.72% in over the last four-week period, additionally plugging by 78.28% over the last 6 months – not to mention a rise of 309.80% 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 71.15, with the RSI for the last a single of trading hit 71.00, and the three-weeks RSI is set at 68.95 for Devon Energy Corporation [DVN]. The present Moving Average for the last 50 days of trading for this stock 30.66, while it was recorded at 39.13 for the last single week of trading, and 25.36 for the last 200 days.

Insight into Devon Energy Corporation Fundamentals:

Devon Energy Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.00.

DVN Stock EPS

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 $23,162 million, or 88.90% of DVN stock, in the hands of institutional investors. The top three institutional holders of DVN stocks are: VANGUARD GROUP INC with ownership of 75,430,641, which is approximately -1.537% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 52,696,851 shares of the stock with an approximate value of $2.07 billion in DVN stocks shares; and STATE STREET CORP, currently with $1.58 billion in DVN stock with ownership of nearly 1.153% of the company’s market capitalization.

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406 institutional holders increased their position in Devon Energy Corporation [NYSE:DVN] by around 82,959,342 shares. Additionally, 298 investors decreased positions by around 62,692,217 shares, while 116 investors held positions by with 444,468,318 shares. The mentioned changes placed institutional holdings at 590,119,877 shares, according to the latest SEC report filing. DVN stock had 152 new institutional investments in for a total of 17,816,691 shares, while 78 institutional investors sold positions of 13,696,933 shares during the same period.

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