<ul class="list-ic vertical">
 <li><span>1</span> <a>DVN stock price: The company’s stock is experiencing a bullish trend because of the good quarterly results.</a></li>
 <li><span>2</span> <a>The stock has made a lower high below the trendline, find out what is next for the bulls.</a></li>
 <li><span>3</span> <a>The current price is trading below its 50 and 150-day EMAs.</a></li>
</ul>
<p>Oklahoma-based firm Devon Energy Corp. (NYSE: DVN) facilitates the production, exploration, and development of oil and natural gas properties. The company revealed its net profit earnings of $690 million in the second quarter that ended this August. The net profit transmuted into an Earnings per share of $1.07 (Diluted).&nbsp;</p>
<p>This company’s core profit added up to $755 million (Non-GAAP). During this period, Devon Energy Corporation’s working capital came to $1.4 billion, which was enough to make the current ratio optimal. It led to $326 million of free cash flow as the firm has stated in its report..</p>
<h2 class="wp-block-heading" id="strong-low-debt-and-high-hopes-strong"><strong>Low Debt and High Hopes</strong></h2>
<p>After the quarter’s conclusion, Devon retired $242 million of outstanding debt upon maturity. Additionally, it has helped the company to reduce its debt-to-equity ratio to a mere 0.61. Oil production rose by 8% from the previous year’s period, with an average of 323k barrels per day in Q2. This record-setting oil volume performance was driven by Devon’s Delaware Basin asset and its accretive bolt-on acquisitions.</p>
<p>One of the key accomplishments was the record-breaking oil production they achieved in this period. It was made possible by the strong well productivity in the Delaware Basin, as well as efficiency gains that helped shorten project cycle times. These measurements allowed the company to reach the finish line before the timer ended. Further building operational momentum as they move forward into the second half of the year.</p>
<p>According to Rick Muncrief, the President and CEO of the company, the second-quarter performance of the company was excellent. It once again demonstrated the quality of its asset portfolio, the execution capabilities of its team, and the financial benefits of its capital plan.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-dvr-stock-price-strong"><strong>Technical Analysis and Prediction of the DVR Stock Price</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/HUqAvlxEHzdq3NRxlsu2bVxIeVxUs6-Gj9GE6Sbgts0-o43iLpEK0PAMF-64aorE3gbxt8nbQb3thkHbevkLTqlgCw9uWeVtRMOO3wCI_5qKhd9MJpfW5IoP4uDW4H3GDG4SPWP9DQ6FtR3PnqpWmCo" alt="DVN Stock Price: Don’t Miss This Uptrend, Backed By Fundamentals">
  <figcaption class="wp-element-caption">
   Chart provided by<a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=NASDAQ%3ACIFR" rel="noopener noreferrer nofollow"> Tradingview </a>(weekly time frame)
  </figcaption>
 </figure>
</div>
<p>At press time, the DVN <a href="https://www.thecoinrepublic.com/2023/10/15/backed-by-strong-financials-cey-stock-price-rose-11-6-in-5-days/" rel="noopener noreferrer nofollow">stock price</a> is trading at $47.17. The stock has confirmed the breaking of this uptrend line after making a lower high below it. However, the bulls haven’t given up yet, as they have reclaimed the support level of $45.23. Before the immediate resistance of $53.35, the 50-day EMA and the 150-day EMA are at $48.47 and $50.79, respectively.</p>
<p>The DVN stock price prediction will be bearish until it reaches its immediate support. After that, the bears are likely to take control as the trend is broken. If the DVN stock price breaks the immediate support, it will move to its next support of $40.06</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>Devon Energy Corp. (NYSE: DVN) posted record-breaking financial results in the recent quarter, which accelerated the uptrend in the DVN stock price. However, in the short term, the trendline is broken, and the bears are looking forward to taking control.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support:</strong> $45, and $40</li>
 <li><strong>Resistance: </strong>$53, and $60</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>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 in stocks or related indexes comes with a risk of financial loss.</p>

DVN Stock Price: Don’t Miss This Uptrend, Backed By Fundamentals

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Thecoinrepublic.com

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