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- 1 Brokerage houses and experts are bullish on the Davon Energy stock.
- 2 The Company is also about to release its earnings in the upcoming days.
Devon Energy was founded in the year 1971 by John Nichols and J. Larry Nichols. The company is based in Oklahoma City. It is engaged in hydrocarbon exploration. This firm has an output of 572,000 barrels of oil per day. Devon has more than 1.6K employees. The company got listed in 1988 in NYSE exchange.
Last dividend paid by Devon Energy on each share was 0.49 USD. It has a payout ratio of 55.46% for the year 2022. The company yield a dividend of 8.23% in the year 2022 and paid a total of 5.06 USD as a dividend. The company has been consistently advancing its dividend amount year-on-year.
The DVN share has a market cap of $29.312B, following an EPS of 7.33 USD. It indicates that the company is making money on its each share. The DVN share has a beta of 1.28. This makes the DVN share price more volatile than the market as a whole. Currently, the company has more than 600M shares floating in the market.
Devon Energy has an ROE of 43.41%. It shows that the share has good return over the time. The company has debt/equity ratio of 60.90%. Current PE ratio of the company is 6.25, following a PB ratio of 2.65. Devon Energy also has made a return of 20.46% on assets.
Devon Energy Corporation Stock Performance Analysis
The revenue for Devon Energy has declined by 44.3% year-on-year, resulting in $3.49B in Q2 2023. The gross profit of the company has also reduced by 67.4%. Its net income in Q2 2023 is $695.00M and the EBITDA has also declined by -56.7%.
Price Targets for DVN Stock
Based upon the last 3 months, 32 stock analysts are giving a buy rating. The analysts are bullish on the stock and are aiminig for an average target of 77% above the CMP. The DVN share is too far away from its average price of $61.12.
DVN Stock Technical Analysis
The share price of Devon Energy is trading in a downtrend in the larger timeframe. The DVN share price was trading in an uptrend for few weeks. The stock price has recently broken down below the pattern. That indicates a selling pressure in the stock price.
As the DVN share price is declining, the EMAs are following a death cross on charts. It represents weakness on the trend of the DVN stock.
The RSI for the DVN share has declined below the 50-level. It is following a bearish cycle and the has also declined below the 14-day SMA. That indicates bearishness in the stock price.
Conclusion
The share price of DVN is consistently declining from the higher levels. It follows a downtrend with negative signaling RSI and EMA. Devon Energy has also faced a decline in revenue and profits in the Q2 2023. The market structure of the share is also negative.
Therefore, the DVN share price is expected to decline to further lower levels and can hit the lower support levels.
Technical Levels
- Support levels for the DVN share are – $35.00 and $45.00
- Resistance levels for the DVN share are – $54.00 and $65.00
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
