Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Devon Energy Corp. shares valued at $666,300 were purchased by Muncrief Richard E on Mar 04 ’24. At $44.42 per share, Muncrief Richard E acquired 15,000 shares. The insider’s holdings grew to 1,973,006 shares worth approximately $107.55 million following the completion of this transaction.
Also, CAMERON DENNIS C sold 7,870 shares, netting a total of over 402,393 in proceeds. Following the sale of shares at $51.13 each, the insider now holds 210,548 shares.
Before that, CAMERON DENNIS C had sold 8,292 shares from its account. In a trade valued at $414,351, the EVP and General Counsel traded Devon Energy Corp. shares for $49.97 each. Upon closing the transaction, the insider’s holdings decreased to 8,292 shares, worth approximately $11.91 million.
As published in their initiating research note from Barclays on April 10, 2024, Devon Energy Corp. [DVN] has been an Equal weight and the price target has been revised to $59. Analysts at Wells Fargo upgraded the stock from ‘”an Equal weight”‘ to ‘”an Overweight”‘ outlook in a report released in early April. As of December 11, 2023, Morgan Stanley has increased its “an Equal-weight” rating to a “an Overweight” for DVN. Earlier on December 06, 2023, JP Morgan upgraded its rating. Their new recommendation was “an Overweight” for DVN stock which previously was a “a Neutral”.
Analyzing DVN Stock Performance
During the last five days, there has been a surge of approximately 3.30%. Over the course of the year, Devon Energy Corp. shares have jumped approximately 20.89%. Shares of the company reached a 52-week high of $54.55 on 04/10/24 and a 52-week low of $40.47 on 02/05/24. A 50-day SMA is recorded $46.19, while a 200-day SMA reached $47.14. Nevertheless, trading volume fell to 7.89 million shares from 7.89 million shares the previous day.
Support And Resistance Levels for Devon Energy Corp. (DVN)
According to the 24-hour chart, there is a support level at 53.85, which, if violated, would cause prices to drop to 53.19. In the upper region, resistance lies at 54.86. The next price resistance is at 55.21. RSI (Relative Strength Index) is 88.15 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.77, which suggests the price will increase in the coming days. Percent R is at 0.63%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Devon Energy Corp. subject to short interest?
Stocks of Devon Energy Corp. saw a sharp steep in short interest on Mar 28, 2024 dropping by -1.16 million shares to 15.35 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 16.51 million shares. A decline of -7.56% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.88 of the overall float, the days-to-cover ratio (short ratio) decline to 1.88.
