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Why Devon Energy Corporation (NYSE: DVN) Stock Should Not Be Taken For Granted By Investors In 2023

In the last trading session, 7.37 million shares of the Devon Energy Corporation (NYSE:DVN) were traded, and its beta was 2.37. Most recently the company’s share price was $49.11, and it changed around -$0.21 or -0.43% from the last close, which brings the market valuation of the company to $30.92B. DVN currently trades at a discount to its 52-week high of $76.30, offering almost -55.37% off that amount. The share price’s 52-week low was $44.03, which indicates that the current value has risen by an impressive 10.34% since then. We note from Devon Energy Corporation’s average daily trading volume that its 10-day average is 7.63 million shares, with the 3-month average coming to 9.20 million.

Devon Energy Corporation stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.20. If we narrow it down even further, the data shows that 0 out of 32 analysts rate the stock as a Sell; another 3 rate it as Overweight. Among the rest, 13 recommended DVN as a Hold, whereas 15 deemed it a Buy, and 1 rated it as Underweight. Devon Energy Corporation is expected to report earnings per share of $1.44 for the current quarter.

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Devon Energy Corporation (NYSE:DVN) trade information

Instantly DVN has showed a red trend with a performance of -0.43% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 50.17 on Tuesday, 05/23/23 increased the stock’s daily price by 2.11%. The company’s shares are currently down -19.04% year-to-date, but still up 6.46% over the last five days. On the other hand, Devon Energy Corporation (NYSE:DVN) is -9.84% up in the 30-day period. We can see from the shorts that 14.47 million shares have been sold at a short interest cover period of 1.98 day(s).

The consensus price target as assigned by Wall Street analysts is $64.57, which translates to bulls needing to increase their stock price by 23.94% from its current value. Analyst projections state that DVN is forecast to be at a low of $49.00 and a high of $82.00. In order for the stock price to hit the forecast high, the stock would need to plunge -66.97% from its current level, while the stock would need to crash 0.22% from its current level to reach the projected low.

Devon Energy Corporation (DVN) estimates and forecasts

Devon Energy Corporation share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -27.13 percent over the past six months and at a -22.98% annual growth rate that is well above the industry average of -24.30%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will loss -44.40% in revenue this quarter, and will report a decrease of -26.60% in the next quarter. The year-over-year growth rate is expected to be -21.00%, down from the previous year.

Consensus estimates provided by 7 financial analysts predict the company will bring in an average of $3.78 billion in revenue for the current quarter. 7 analysts expect Devon Energy Corporation to make $3.88 billion in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $5.63 billion and $4.95 billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -32.80%. Forecasts for the next quarter put sales growth at -21.80%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 94.00%. Devon Energy Corporation earnings are expected to increase by 118.00% in 2023, but the outlook is negative -2.94% per year for the next five years.

DVN Dividends

Devon Energy Corporation’s next quarterly earnings report is expected to be released around July 31 and August 04. The annual dividend yield of the stock is 9.18 percent and its annual dividend per share was 4.51. It is important to note, however, that the 9.18% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Devon Energy Corporation (NYSE:DVN)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.77% of Devon Energy Corporation shares, and 76.57% of them are in the hands of institutional investors. The stock currently has a share float of 77.16%. Devon Energy Corporation stock is held by 1,682 institutions, with Vanguard Group, Inc. (The) being the largest institutional investor. By Mar 30, 2023, it held 11.53% of the shares, which is about 75.43 million shares worth $3.82 billion.

Blackrock Inc., with 7.92% or 51.82 million shares worth $2.62 billion as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Select Sector SPDR Fund-Energy Select were the top two Mutual Funds as of Dec 30, 2022. The former held 19.88 million shares worth $1.22 billion, making up 3.04% of all outstanding shares. On the other hand, Select Sector SPDR Fund-Energy Select held roughly 19.07 million shares worth around $1.03 billion, which represents about 2.92% of the total shares outstanding.

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