Devon Energy Corporation (NYSE:DVN) shares, rose in value on Friday, May 13, with the stock price up by 5.49% to the previous day’s close as strong demand from buyers drove the stock to $68.16.
Actively observing the price movement in the recent trading, the stock is buoying the session at $64.61, falling within a range of $62.52 and $65.43. The value of beta (5-year monthly) is 2.78 whereas the PE ratio is 12.11 over 12-month period. Referring to stock’s 52-week performance, its high was $69.75, and the low was $22.96. On the whole, DVN has fluctuated by 3.77% over the past month.
With the market capitalization of Devon Energy Corporation currently standing at about $41.09 billion, investors are eagerly awaiting this quarter’s results, scheduled for Aug 01, 2022 – Aug 05, 2022. The company’s Forward Dividend Ratio is 5.08, with its dividend yield at 7.86%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $2.14, which is expected to increase to $2.5 for fiscal year $8.15 and then to about $8.07 by fiscal year 2023. Data indicates that the EPS growth is expected to be 130.90% in 2023, while the next year’s EPS growth is forecast to be -1.00%.
Analysts have estimated the company’s revenue for the quarter at $4.62 billion, with a low estimate of $4.44 billion and a high estimate of $4.93 billion. According to the average forecast, sales growth in current quarter could jump up 96.40%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $17.55 billion, representing an increase of 43.80% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that DVN’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
31 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 8 analyst(s), 18 recommend it as a Buy and 4 called the DVN stock Overweight. In the meantime, 1 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.
The stock’s technical analysis shows that the PEG ratio is about 0.60, with the price of DVN currently trading nearly 9.59% and 12.52% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 60.19, while the 7-day volatility ratio is showing 6.41% which for the 30-day chart, stands at 5.38%. Furthermore, Devon Energy Corporation (DVN)’s beta value is 2.61, and its average true range (ATR) is 3.58. The company’s stock has been forecasted to trade at an average price of $75.96 over the course of the next 52 weeks, with a low of $48.00 and a high of $100.00. Based on these price targets, the low is 29.58% off current price, whereas the price has to move -46.71% to reach the yearly target high. Additionally, analysts’ median price of $75.00 is likely to be welcomed by investors because it represents a decrease of -10.04% from the current levels.
A comparison of Devon Energy Corporation (DVN) with its peers suggests the former has fared considerably weaker in the market. DVN showed an intraday change of 5.49% in today’s session so far, and over the past year, it grew by 175.63%%. In comparison, EOG Resources Inc. (EOG) has moved higher at 3.95% today and is up 58.28% over the past 12 months. On the other hand, the price of Pioneer Natural Resources Company (PXD) has risen 3.72% today. The stock, however, is off 72.77% from where it was a year ago. Additionally, there is a gain of 7.57% for Occidental Petroleum Corporation (OXY) in recent trading while the stock has seen an overall depriciation of 149.77%% over the past year. The PE ratio stands at 12.11 for Devon Energy Corporation, compared to 16.07 for EOG Resources Inc., and 15.37 for Pioneer Natural Resources Company. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 2.25%. Meanwhile, the Dow Jones Industrial Improved by 1.55%.
Data on historical trading for Devon Energy Corporation (NYSE:DVN) indicates that the trading volumes over the past 3 months, they’ve averaged 13.14 million. According to company’s latest data on outstanding shares, there are 656.00 million shares outstanding.
Nearly 0.70% of Devon Energy Corporation’s shares belong to company insiders and institutional investors own 88.10% of the company’s shares. The stock has risen by 46.67% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the DVN stock heading into the next quarter.