Oklahoma City, Oklahoma-based Devon Energy Corporation (DVN) is an independent energy company with a market cap of $23.7 billion. It explores, develops, and produces oil, natural gas, and natural gas liquids.
Companies worth $10 billion or more are typically classified as “large-cap stocks,” and DVN fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the oil & gas E&P industry. With a focus on advanced drilling, well productivity, and capital discipline, the company remains a prominent player in the industry.
This energy company is currently trading 3.6% below its 52-week high of $38.88, reached on Feb. 20. Shares of DVN have gained 7.8% over the past three months, outperforming the Dow Jones Industrial Average’s ($DOWI) 5.6% rise during the same time frame.
Moreover, on a YTD basis, shares of DVN are up 14.5%, compared to DOWI’s 12.7% return. However, in the longer term, DVN has surged 4.2% over the past 52 weeks, underperforming DOWI’s 7.1% uptick over the same time frame.
To confirm its recent bullish trend, DVN has been trading above its 200-day and 50-day moving averages since early November.
DVN delivered better-than-expected Q3 earnings results on Nov. 5, and its shares closed up marginally in the following trading session. The company's total revenue improved 7.6% year-over-year to $4.3 billion, surpassing consensus estimates by 5.1%. Higher oil, gas and NGL sales, along with an increase in marketing and midstream revenues, contributed to its topline beat. Moreover, its adjusted EPS came in at $1.04, up 11.8% from analyst expectations of $0.93.
DVN has considerably outperformed its rival, EOG Resources, Inc. (EOG), which declined 13.7% over the past 52 weeks and 8.5% on a YTD basis.
Looking at DVN’s recent outperformance, analysts remain moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy” from the 29 analysts covering it, and the mean price target of $46.07 suggests a 23% premium to its current price levels.
On the date of publication, Neharika Jain did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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