Devon Energy Corporation (NYSE:DVN) price is hovering lower on Tuesday, Apr 20, sinking -5.58% below its previous close.
A look at today’s price movement shows that the recent level at last check reads $22.03, with intraday deals fluctuating between $20.44 and $21.90. The company’s 5Y monthly beta was ticking 3.35 while its P/E ratio in the trailing 12-month period read 0. Taking into account the 52-week price action we note that the stock hit a 52-week high of $25.93 and 52-week low of $7.67. The stock lost -1.48% on its value in the past month.
Devon Energy Corporation, which has a market valuation of $15.16 Billion, is expected to release its quarterly earnings report on May 04, 2021. The company stock has a Forward Dividend ratio of 0.63, while the dividend yield is 2.86. It is understandable that investor optimism is growing ahead of the company’s current quarter results. Analysts tracking DVN have forecast the quarterly EPS to grow by $0.3 per share this quarter, while the same analysts predict the annual EPS to hit $1.9 for the year 2021 and up to $2.56 for 2022. In this case, analysts estimate an annual EPS growth of -22.11% for the year and 0.35% for the next year.
On average, analysts have forecast the company’s revenue for the quarter will hit $2.17 Billion, with the likely lows of $2Billion and highs of $2.37 Billion. The average estimate suggests sales growth for the quarter will likely rise by 4.1% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $9.56 Billion for the company’s annual revenue in 2021. Per this projection, the revenue is forecast to grow +98.1% above that which the company brought in 2020.
Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with 4 upward and no downward reviews. On the technical perspective front, indicators give DVN a short term outlook of Hold on average. Looking at the stock’s medium term indicators we note that it is averaging as a 50% Buy, while an average of long term indicators are currently assigning the stock as 100% Buy.
Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 34 analysts have assigned DVN a recommendation rating as follows: 5 rate it as a Hold; 26 advise Buy while 3 analyst(s) assign an Outperform rating. None analyst(s) have tagged the Devon Energy Corporation (DVN) stock as Underperform, with none recommending Sell. In general, analysts have rated the stock Buy, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.
If we dive deeper into the stock’s performance we see the positive picture represented by the PEG ratio, currently standing at 0. The overview shows that DVN’s price is at present -6.55% off the SMA20 and -5.67% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 40.09, with weekly volatility standing at 3.76%. The indicator jumps to 4.07% when calculated based on the past 30 days. Devon Energy Corporation (NYSE:DVN)’s beta value is holding at 3.35, while the average true range (ATR) indicator is currently reading 0.95. Considering analysts have assigned the stock a price target range of $17-$43 as the low and high respectively, we find the trailing 12-month average consensus price target to be $30.38. Based on this estimate, we see that today’s price at last check is roughly -18.27% off the estimated low and 106.73% off the forecast high. Investors will no doubt be excited to see the share price rise to $30, which is the median consensus price, and at that level DVN would be +44.23% from recent price.
Turning out attention to how the Devon Energy Corporation stock has performed in comparison to its peers in the industry, here’s what we find: DVN’s stock is -5.58% on the day and +145.9% in the past 12 months, while Eog Resources (EOG) traded -4.5% in the latest session and is positioned +70.39% up on its price 12 months ago. Another comparison is with Pioneer Natural Resources Company (PXD) whose stock price is down -1.56% in the current trading session, and has flourished +93.89% over the past year. Also, Cheniere Energy (LNG) is currently showing downtrend of -5.58% while its price kept floating at 145.9% over the past year. As for Devon Energy Corporation, the P/E ratio stands at 0 lower than that of Eog Resources’s at 0 and Pioneer Natural Resources Company’s 0. Elsewhere in the market, the S&P 500 Index has fell -0.83% in today’s early trading, with the Dow Jones Industrial also seeing a negative session so far with -0.82%.
An analysis of the Devon Energy Corporation (NYSE:DVN) stock in terms of its daily trading volume indicates that the 3-month average is 12.23 Million. However, this figure increases on the past 10-day timeline to an average of 8.17 Million.
Current records show that the company has 673.1 Million in outstanding shares. According to data from Thomson Reuters, insiders’ percentage holdings are 0.91% of outstanding shares while the percentage share held by institutions stands at 56.54%. The stats also highlight that short interest as of March 30, 2021, stood at 11.74 Million shares, which puts the short ratio at the time at 0.88. From this we can glean that short interest is 1.74% of company’s current outstanding shares. Notably, we see that shares short in March rose slightly given the previous month’s figure stood at 11.71 Million. But the +40.43% upside, the stock’s price has registered year-to-date as of today’s value, will likely reignite investor interest given the prospect of it rallying even higher.