Devon Energy Corporation [DVN] Stock trading around $69.80 per share: What’s Next?

Devon Energy Corporation [NYSE: DVN] traded at a high on 10/17/22, posting a 2.62 gain after which it closed the day’ session at $69.80. The company report on September 28, 2022 that Devon Energy Completes Acquisition of Eagle Ford Bolt-On.

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This acquisition secures a premier acreage position of 42,000 net acres (90% working interest) adjacent to Devon’s existing leasehold in the basin. Current production from the acquired assets is approximately 35,000 Boe per day and is expected to increase to an average of 40,000 Boe per day over the next year. The transaction also adds 350 repeatable drilling locations in the core of the Karnes Trough oil window along with 150 high-quality refrac candidates. This highly economic inventory positions the company’s Eagle Ford assets to sustain its high-margin production and free cash flow generation for several years.

The results of the trading session contributed to over 7939499 shares changing hands. Over the past one week, the price volatility of Devon Energy Corporation stands at 5.06% while the volatility over the past one month is 4.67%.

The market cap for DVN stock reached $48.55 billion, with 652.00 million shares outstanding and 646.52 million shares in the current float. Compared to the average trading volume of 11.71M shares, DVN reached a trading volume of 7939499 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 $79.89 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 2.20. 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.

JP Morgan have made an estimate for Devon Energy Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 15, 2022. The new note on the price target was released on June 07, 2022, representing the official price target for Devon Energy Corporation stock. Previously, the target price had yet another raise to $73, while Barclays analysts kept a Equal Weight rating on DVN stock.

The Average True Range (ATR) for Devon Energy Corporation is set at 3.31, with the Price to Sales ratio for DVN stock in the period of the last 12 months amounting to 2.83. The Price to Book ratio for the last quarter was 4.51, with the Price to Cash per share for the same quarter was set at 4.97. Price to Free Cash Flow for DVN in the course of the last twelve months was 9.34 with Quick ratio for the last quarter at 1.60.

How has DVN stock performed recently?

Devon Energy Corporation [DVN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.78. With this latest performance, DVN shares gained by 4.46% in over the last four-week period, additionally plugging by 12.08% over the last 6 months – not to mention a rise of 80.53% 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 55.03, with the RSI for the last a single of trading hit 55.27, and the three-weeks RSI is set at 54.14 for Devon Energy Corporation [DVN]. The present Moving Average for the last 50 days of trading for this stock 66.95, while it was recorded at 69.61 for the last single week of trading, and 60.97 for the last 200 days.

Devon Energy Corporation [DVN]: Deeper insight into the 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 1.60 and a Current Ratio set at 1.60.

Earnings analysis for Devon Energy Corporation [DVN]

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 37.13%.

Insider trade positions for Devon Energy Corporation [DVN]

There are presently around $36,392 million, or 80.50% of DVN stock, in the hands of institutional investors. The top three institutional holders of DVN stocks are: VANGUARD GROUP INC with ownership of 75,536,447, which is approximately 0.261% of the company’s market cap and around 0.50% of the total institutional ownership; BLACKROCK INC., holding 54,417,688 shares of the stock with an approximate value of $3.8 billion in DVN stocks shares; and STATE STREET CORP, currently with $2.79 billion in DVN stock with ownership of nearly -4.711% of the company’s market capitalization.

Positions in Devon Energy Corporation stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 683 institutional holders increased their position in Devon Energy Corporation [NYSE:DVN] by around 40,859,132 shares. Additionally, 476 investors decreased positions by around 65,686,517 shares, while 117 investors held positions by with 414,829,976 shares. The mentioned changes placed institutional holdings at 521,375,625 shares, according to the latest SEC report filing. DVN stock had 172 new institutional investments in for a total of 9,241,885 shares, while 112 institutional investors sold positions of 7,583,934 shares during the same period.


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