1 The Devon Energy Corporation has a high dividend yield and stable cash flow, making it an attractive pick. 2 The DVN stock price has been consolidating in a narrow range for a while, and its next earnings for the quarter could trigger a breakout. The Devon Energy Corporation is...
- 1 The Devon Energy Corporation has a high dividend yield and stable cash flow, making it an attractive pick.
- 2 The DVN stock price has been consolidating in a narrow range for a while, and its next earnings for the quarter could trigger a breakout.
The Devon Energy Corporation is an independent energy minerals company that mainly produces, develops, and explores oil and natural gas. The company was founded by J.L. Nichols and J.W. Nichols in the year 1971. The organization is headquartered and based in the city of Oklahoma, OK. The company’s main focus is on the onshore regions of North America, especially in the United States.
What to Expect From Devon in the Next Q3’23
The Devon Energy Corporation income statement for the last quarter that ended June 2023 reported a revenue of $3.49 Billion, a net income of $687.00 Million, and a profit margin of 19.67%, which was higher than the previous quarter. Revenue beat the analysts’ forecast by $291.54 Million (9.22%).
Devon’s EPS (earnings per share) for the last quarter was $1.18, which showed that the reported EPS surpassed the analyst’s estimate of $1.176 by 0.38%.
Moreover, Devon is expected to report strong earnings growth for the upcoming quarter. This could boost its share price and attract more investors and traders. Meanwhile, the revenue for the next quarter is estimated to be $3.959 Billion, and the EPS to be $1.561. The next earnings release date is on November 7th, 2023.
On top of that, the DVN stock price has been maintaining a tight consolidating range for a while, and its next earnings for the quarter could be the catalyst for a breakout. This could result in a significant price movement and a trend change.
Devon’s dividend yield for the trailing 12 months is 7.29%, and its last dividend payment was $0.49 per share. The last ex-date to qualify for the dividend was September 14th, 2023, and the payout ratio was 47.23%. This shows Devon’s dividend payments are covered by its earnings and cash flows, which is a healthy sign for its dividend safety and sustainability.
Furthermore, the Devon Energy Corporation has a high dividend yield and a stable cash flow. Also, its earnings for the coming quarter could confirm its financial strength and sustainability. This could increase its attractiveness and demand among investors as well.
In addition, the stock’s ratings are favorable and rated ‘buy’, based on the opinions of 33 analysts who evaluated the DVN stock in the last three months. Meanwhile, the 1-year price targets for the DVN stock by 12 analysts range from $47 to $81.
Chart Analysis: DVN Stock
The DVN stock price zoomed from March 2020, reaching new peaks along the way to $79.40. It displayed a phenomenal 20x growth in the stock price by October 2022. However, it dipped because investors were cashing out. It found a support level at around $45.
However, the DVN stock might show a comeback as the stock price consolidates at the key level of around $45. Also, it has maintained a tight range for a prolonged time on the charts. This demonstrates its resilience and strength.
Now it seems the DVN stock is on the verge of a stunning breakout as it gathers momentum to shatter the hurdle and fly higher and higher from the current base zone. Therefore, the probable resistance could be $51 and $56.
Alternatively, if the DVN stock slips the base of $45 then it could fall up to $40.
DVN stock is trading below EMAs. If buying volume adds up, then the DVN price might show bullish momentum in the form of higher highs and lows and conquering rejecting MAs and levels.
Price Prediction of DVN Stock For 2023.
Since out of 4 quarters, only one remains this year, based on the Pitchfork tool, the potential high it could reach is $57, and an average could be $48.
Price Prediction of DVN Stock For 2023-2025.
Price Prediction of DVN Stock For 2024.
If the DVN stock price reaches the $57 peak in 2023, then there would be a high probability that in the year 2024, the stock could reach as high as $91, amounting to an ROI of 59.65%. Meanwhile, the average could be $67, and the potential low could be $52, which shows the year-over-year change of 39.58% and 20.93%, respectively.
Price Prediction of DVN Stock For 2025.
Afterward, if DVN successfully gets a hold of the $91 level by the December end of 2024, it could make $142 by 2025 (149.12% ROI) and a year-over-year change of 56.04%. Meanwhile, the average could be $102 and $67, which shows the year-over-year change of 52.24% and 28.85%, respectively.
Can Devon’s Price Skyrocket to $142?
As per the analysis, the DVN stock price could reach $142 by the December end of the year 2025 if all goes smoothly as predicted. Moreover, it seems like the company is expecting to report strong earnings growth for the next quarter, which could boost its share price and attract more investors.
On top of that, the DVN stock price is consolidating in a narrow range, and its next earnings for the quarter could be the catalyst for a breakout. This could result in a significant price movement and a trend change.
The Devon’s payout ratio was 47.23%. This shows Devon’s dividend payments are covered by its earnings and cash flows, which is a healthy sign for its dividend safety and sustainability. Furthermore, the Devon Energy Corporation has a high dividend yield, and this could increase its attractiveness and demand among investors as well.
Technical Levels
Support Levels: $45 and $40
Resistance Levels: $51 and $56
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.