Devon Energy Share Price Forecast September 2021 – Time to Buy DVN?

For the past few weeks, oil and gas exploration companies have been making positive moves within the share market and now Wall Street is expecting positivity from Devon Energy Corporation which is listed as NASDAQ: DVN. The company recently shared the schedule for its much-awaited earnings report which has resulted in a midday jump in the value of the share.

Devon Energy Corporation – Technical Analysis

Devon shares also rallied last week when by the end of the trading session, investors recorded a 7.3% of uptrend in DVN. The positive movement was associated with rising volumes and more of its shares starting to exchange hands. This Oklahoma-based oil and gas exploration company has been active since 1971 when it was found by J. Larry and John. W Nichols.

The company’s performance continues to impress shareholders and market opportunists alike as its production from high-margin assets stays strong. The current market capitalisation of DVN is $22.2 billion with a dividend yield of 4.07%. The enterprise value of the company is just over $25 billion.

Devon has maintained a $13.75 million worth of 10-day volume which indicates that investors have been capitalising on DVN shares’ positive movements. Yesterday, DVN closed at $32.8 adding 2.36 points with a 7.75% uptrend. This brings us to the technical breakdown of the shares’ recent performance.

It is clear to see that several reliable technical indicators normally used to pick up market sentiments like various oscillators and moving averages are all favouring DVN. MACD (0.72), RSI (66.09), SMA (29.56), and EMA (29.88) all are indicating that DVN has the potential to rise further in the days to come if they can improve their cost structure.

67% of all retail investor accounts lose money when trading CFDs with this provider.

Recent Developments

Two days ago, the billion-dollar oil and gas exploration company released the schedule for its third quarter 2021 earnings release and conference call. For all shareholders and investors, November 2 is going to be an intriguing day when Devon energy would present its earnings report right after the New York market closes. The performance of Devon energy has been typical during each trading session. It has recorded a 5.1% gain over the past month.

Another recent update is Devon energy completing divestiture of Canadian assets in the year 2019 and Barnett Shale has assets in 2020. Now the company is looking to focus its assets in five of the most oil-rich basins located in the U.S. Due to all this, Devon energy is expecting post-quarterly earnings of $0.86 per share in its next earnings report.

The leading U.S. oil and gas producer is projected to reach 2250% year-over-year growth according to market experts who have been looking at its performance for a long time. Investors are encouraged to see Devon energy’s forward P/E ratio indicating that DVN is trading at a premium right now.

Should You Buy DVN Shares?

Last week, Devon energy reached a significant support level and since then the share market has been buzzing about DVN being one of the growth-focused market opportunities. Short-term traders could be interested in Devon given the circumstances and positive indicator signals produced by well-liked moving averages.

This oil and gas exploration company is at the top of expert recommendation lists these days because it is exhibiting the potential to sustain its continued growth for now.

Buy DVN Stock at eToro for just $50 Now!