 is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware.){kind=link}
- Devon Energy Corp. melted 6.23% on Wednesday’s trading session.
- In Q2 2023, the Devon Energy Company’s revenue decreased by 64.29%.
Devon Energy Corporation (NYSE: DVN) is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware, and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City.
According to the last earnings reports, Q2 2023 was announced on August 1, 2023, for the period ending June 2023. The estimated earnings per share was $1.176, and the reported EPS was $1.18, which was positively surprised by $0.004 (0.38%). The estimated revenue was $3.162 Billion and the reported revenue was $3.454 Billion, which was positively surprised by $291.54 Million (9.22%).
Devon Energy Company publicized a dividend of $0.49 on September 14, 2023; the payment date was September 29, 2023; and the dividend yield was 8.02%. The beta value is 1.53.
Turning to the technical indicators, the DVN stock price is trading below the 200-day EMA. RSI is at 27.88 and in an oversold zone. RSI is in favor of bearish momentum. MACD is showing negative spikes in volume, and the 9 EMA is at -1.39 favoring a bearish trend.
DVN Stock Price Analysis in 1D Timeframe
Devon Energy Corp. stock price is trading at $43.15 with an intraday loss of 5.64%. The market capitalization is $29.31B and the market float is $636.48 Million. The average volume is 8.35 Million and the beta value is 1.53.
The DVN stock price was rising through a trendline and gave a breakdown and came for retest. Recently the price has dropped by 12% after retesting. On a wider time frame, the price has negatively crossed the 200-day EMA.
If the DVN stock price continues the downtrend, then sellers may be dominated for a long period of time. If the price is unable to defend the $40 mark, then it may be very difficult for the buyers to dominate and pump the price.
On the other hand, if the Devon Energy stock price shows a bounce back and surges to $50, the price sustains there and it may be a fake breakdown. All the sellers may hit their stop loss which may result in the bullish momentum in the price. If the investors show their faith, then one can see an uptrend in the DVN stock price for a long time.
Conclusion
The DVN stock price was falling by facing resistance near EMA. It is persisting in losing gains, highlighting the bears’ dominance. The chart structure highlights the trendline breakdown. The stock continues the downtrend by taking pullbacks. In upcoming sessions, the price may decline further.
Technical Levels
Resistance: $46.20 and $54
Support: $43.56 and $38.25
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stock assets comes with a risk of financial loss.
