Take off with Devon Energy Corporation (DVN): Get ready for trading

Devon Energy Corporation (NYSE: DVN) stock jumped 1.14% on Wednesday to $49.67 against a previous-day closing price of $49.11. With 6.88 million shares changed hands, the volume of the stock remained lighter than its average volume of 9.12 million shares. During the session, the Oil & Gas E&P company that operates in wider Energy sector, reached to the highest price of $50.05 whereas the lowest price it dropped to was $48.68. The 52-week range on DVN shows that it touched its highest point at $76.30 and its lowest point at $44.03 during that stretch. It currently has a 1-year price target of $64.51. With its current market cap of 31.28 billion, DVN has annualized dividend of $4.51 while the current yield stands at 9.08%. Beta for the stock currently stands at 2.37.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of DVN was up-trending over the past week, with a rise of 4.11%, but this was down by -6.65% over a month. Three-month performance dropped to -8.43% while six-month performance fell -23.63%. The stock lost -26.33% in the past year, while it has lost -18.12% so far this year. A look at the trailing 12-month EPS for DVN yields 9.17 with Next year EPS estimates of 6.94. For the next quarter, that number is 1.44. This implies an EPS growth rate of 118.00% for this year and 10.44% for next year. EPS is expected to decline by -2.94% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 94.00%.

Float and Shares Shorts:

At present, 645.00 million DVN shares are outstanding with a float of 638.76 million shares on hand for trading. On Apr 27, 2023, short shares totaled 14.47 million, which was 2.25% higher than short shares on Mar 30, 2023. In addition to Mr. Richard E. Muncrief as the firm’s Pres, CEO & Director, Mr. Jeffrey L. Ritenour serves as its Exec. VP & CFO.

Institutional Ownership:

Through their ownership of 76.57% of DVN’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 8.08% of DVN, in contrast to 43.69% held by mutual funds. Shares owned by individuals account for 28.67%. As the largest shareholder in DVN with 11.13% of the stake, The Vanguard Group, Inc. holds 72,757,030 shares worth 72,757,030. A second-largest stockholder of DVN, SSgA Funds Management, Inc., holds 42,663,059 shares, controlling over 6.52% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in DVN, holding 37,090,922 shares or 5.67% stake. With a 3.35% stake in DVN, the RBC Global Resources Fund is the largest stakeholder. A total of 21,900,000 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.11% of DVN stock, is the second-largest Mutual Fund holder. It holds 20,326,032 shares valued at 1.09 billion. SPDR Series – Energy Select Secto holds 2.79% of the stake in DVN, owning 18,242,243 shares worth 974.68 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, DVN reported revenue of $5.63B and operating income of $2.58B. The EBITDA in the recently reported quarter was $3.10B and diluted EPS was $2.93.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for DVN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With DVN analysts setting a high price target of $82.00 and a low target of $49.00, the average target price over the next 12 months is $64.57. Based on these targets, DVN could surge 65.09% to reach the target high and fall by -1.35% to reach the target low. Reaching the average price target will result in a growth of 30.0% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded DVN stock several times over the past three months with 2 Buys and 12 Sells. In these transactions, 27,500 shares were bought while 357,699 shares were sold. The number of buy transactions has increased to 31 while that of sell transactions has risen to 50 over the past year. The total number of shares bought during that period was 719,130 while 887,367 shares were sold.

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