Devon Energy Corporation
Company Overview: Devon Energy Corporation (NYSE: DVN) is an oil and gas producer in the United States with a multi-basin portfolio. The Company is primarily engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Its oil and gas properties include Delaware Basin, Eagle Ford, Anadarko Basin, Williston Basin and Powder River Basin. The Delaware Basin operates in southeast New Mexico and across the state line into west Texas.
As per our previous US Earning Hunter report published on ‘DVN’ on 17th November 2023, Kalkine provided a ‘Attractive’ stance on the stock at USD 44.29 based on “earning hunter ratings and mentioned fundamentals” and the stock price has now moved by ~10.97% since then and the price has achieved resistance 1 and closing to resistance 2 level.
Noted below are the details of support and resistance levels provided in our previous report:
DVN’s Daily Chart
Considering the resistance around the range of USD 50.00 – USD 54.00, current trading levels, risks associated, and volatile market conditions on the back of higher interest rates, an ‘Unattractive’ rating is assigned to the “DVN” at the current market price of USD49.15 (as of 25 March 2024, at 06:55 am PDT).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is March 25, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’