Market Analysts see Devon Energy Corporation [DVN] gaining to $80. Time to buy?

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Devon Energy Corporation [NYSE: DVN] price surged by 4.11 percent to reach at $2.48. The company report on July 21, 2022 that Devon Energy Completes Acquisition of Williston Basin Bolt-On.


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Devon Energy Corp. (NYSE: DVN) today announced that it has completed its previously announced acquisition of the leasehold interest and related assets of RimRock Oil and Gas, LP in the Williston Basin for a total cash consideration of $865 million, less purchase price adjustments.

This acquisition adds a contiguous position of 38,000 net acres (88% working interest) directly offsetting and overlapping Devon’s existing position. Production from the acquired assets is expected to increase to an average of 20,000 Boe per day over the next year. The transaction also adds more than 100 highly economic undrilled inventory locations, positioning the company’s Williston Basin assets to maintain high-margin production and strong cash flow for several years.

A sum of 11140656 shares traded at recent session while its average daily volume was at 12.64M shares. Devon Energy Corporation shares reached a high of $63.13 and dropped to a low of $61.08 until finishing in the latest session at $62.85.

The one-year DVN stock forecast points to a potential upside of 18.45. The average equity rating for DVN stock is currently 2.00, 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 $77.07 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 2.00. 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 In-line, with their previous recommendation back on June 07, 2022. The new note on the price target was released on May 25, 2022, representing the official price target for Devon Energy Corporation stock. On January 21, 2022, analysts increased their price target for DVN shares from 46 to 52.

The Average True Range (ATR) for Devon Energy Corporation is set at 3.06, with the Price to Sales ratio for DVN stock in the period of the last 12 months amounting to 2.82. The Price to Book ratio for the last quarter was 4.43, with the Price to Cash per share for the same quarter was set at 4.20. Price to Free Cash Flow for DVN in the course of the last twelve months was 8.11 with Quick ratio for the last quarter at 1.30.

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 13.88. With this latest performance, DVN shares gained by 12.59% in over the last four-week period, additionally plugging by 21.47% over the last 6 months – not to mention a rise of 143.16% 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 60.15, with the RSI for the last a single of trading hit 68.88, and the three-weeks RSI is set at 55.37 for Devon Energy Corporation [DVN]. The present Moving Average for the last 50 days of trading for this stock 63.06, while it was recorded at 59.51 for the last single week of trading, and 54.31 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 +35.04 and a Gross Margin at +37.88. Devon Energy Corporation’s Net Margin is presently recorded at +20.24.

Return on Equity for this stock inclined to 45.82, with Return on Assets sitting at 17.99.

Devon Energy Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.30.

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 27.50%.

Devon Energy Corporation [DVN] Insider Position Details

There are presently around $34,577 million, or 84.80% of DVN stock, in the hands of institutional investors. The top three institutional holders of DVN stocks are: VANGUARD GROUP INC with ownership of 75,339,676, which is approximately 0.724% of the company’s market cap and around 0.80% of the total institutional ownership; BLACKROCK INC., holding 54,981,392 shares of the stock with an approximate value of $3.46 billion in DVN stocks shares; and STATE STREET CORP, currently with $2.63 billion in DVN stock with ownership of nearly 0.03% of the company’s market capitalization.

Positions in Devon Energy Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 649 institutional holders increased their position in Devon Energy Corporation [NYSE:DVN] by around 46,861,199 shares. Additionally, 451 investors decreased positions by around 72,874,187 shares, while 108 investors held positions by with 430,423,133 shares. The mentioned changes placed institutional holdings at 550,158,519 shares, according to the latest SEC report filing. DVN stock had 228 new institutional investments in for a total of 9,587,181 shares, while 81 institutional investors sold positions of 3,012,171 shares during the same period.

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