In the last trading session, 9.08 million Devon Energy Corporation (NYSE:DVN) shares changed hands as the company’s beta touched 2.35. With the company’s per share price at $49.50 changed hands at -$0.18 or -0.36% during last session, the market valuation stood at $32.51B. DVN’s last price was a discount, traded about -51.68% off its 52-week high of $75.08. The share price had its 52-week low at $43.33, which suggests the last value was 12.46% up since then. When we look at Devon Energy Corporation’s average trading volume, we note the 10-day average is 9.92 million shares, with the 3-month average coming to 8.30 million.
Analysts gave the Devon Energy Corporation (DVN) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.20. If we narrow down to specifics, the data shows that 0 out of 31 analysts rate the stock as a Sell, with a further 5 assigning it an Overweight rating. Of the remaining, 13 recommended DVN as a Hold, 13 felt it is a Buy and 0 rated the stock as Underweight. Devon Energy Corporation’s EPS for the current quarter is expected to be $1.39.
Devon Energy Corporation (NYSE:DVN) trade information
Instantly DVN was in red as seen at the end of in last trading. With action -1.96%, the performance over the past five days has been red. The drop to weekly highs of 52.01 on Monday, 09/18/23 subtracted -0.36% to the stock’s daily price. The company’s shares are showing year-to-date downside of -17.07%, with the 5-day performance at -1.96% in the red. However, in the 30-day time frame, Devon Energy Corporation (NYSE:DVN) is 1.48% up. Looking at the short shares, we see there were 11.81 million shares sold at short interest cover period of 1.56 days.
The consensus price target for the stock as assigned by Wall Street analysts is $60.16, meaning bulls need an upside of 17.72% from its current market value. According to analyst projections, DVN’s forecast low is $50.00 with $79.00 as the target high. To hit the forecast high, the stock’s price needs a -59.6% plunge from its current level, while the stock would need to soar -1.01% for it to hit the projected low.
Devon Energy Corporation (DVN) estimates and forecasts
Data shows that the Devon Energy Corporation share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 9.00% over the past 6 months, a -32.49% in annual growth rate that is considerably lower than the industry average of -31.10%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Devon Energy Corporation will fall -36.20%, while the growth in revenue is estimated to hit -9.00% for the next quarter. Year-over-year growth is forecast to reach -23.40% down from the last financial year.
Consensus estimates given by 5 financial analysts project the company’s revenue in the current quarter to hit an average of $3.85 billion. 5 analysts are of the opinion that Devon Energy Corporation’s revenue for the quarter ending Dec 2023 will be $3.9 billion. The company’s revenue for the corresponding quarters a year ago was $4.95 billion and $4.3 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -22.30%. The estimates for the next quarter sales put growth at -9.30%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 94.00%. The 2023 estimates are for Devon Energy Corporation earnings to increase by 118.00%, but the outlook for the next 5-year period is at -2.94% per year.
Devon Energy Corporation is expected to release its next quarterly earnings report between October 30 and November 03. The 10.10% annual yield figure for the share gives it an annual dividend of 5.00. It is important to note, however, that the 10.10% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.
Devon Energy Corporation (NYSE:DVN)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.64% of Devon Energy Corporation shares while 73.92% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 74.40%. There are 73.92% institutions holding the Devon Energy Corporation stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 11.56% of the shares, roughly 74.09 million DVN shares worth $3.58 billion.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 8.11% or 51.95 million shares worth $2.51 billion as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Select Sector SPDR Fund-Energy Select. With 20.02 million shares estimated at $967.75 million under it, the former controlled 3.12% of total outstanding shares. On the other hand, Select Sector SPDR Fund-Energy Select held about 2.73% of the shares, roughly 17.47 million shares worth around $943.13 million.