Devon Energy Corp: Q2 Earnings Outperformed Estimates
- The Devon Energy Corp. stock price is currently trading at $49.74 while witnessing a decrease of -7.34% during the intraday session.
- DVN stock price fell to $690 Million in the 2nd quarter from $1.93 Billion in the same quarter last year.
- The year-to-date return of DVN stock price is -18.10% and the three-month return is 1.24%.
The Devon Energy Corp. stock price experienced a substantial decline through 2023, decreasing roughly 24% from the annual high of $66.96 to the current low of $49.39. This yearly formation of the DVN stock price reflects the downtrend in the market.
Devon Energy Corporation is a US-based energy company that engages in hydrocarbon exploration, production, and development in the sector of oil and natural gas.
European Conflict Impacting Prices
Amid the Ukraine-Russia war, oil and natural gas prices have skyrocketed. The Organization of the Petroleum Exporting Countries (OPEC) nation helped that hike in price by cutting down oil production. Despite all that, the company produced 662,000 barrels of oil per day in the reported quarter, primarily due to high oil production in Eagle Ford.
The Second Quarter’s Earnings & Revenue Report
On Tuesday, August 1, 2023, DVN released its earnings and revenue report for the 2nd quarter. The consensus earning per share (EPS) estimate was $1.177, but the actual reported EPS came in slightly higher at $1.18, showing a small increase of $0.01 EPS.
In addition to the positive EPS result, DVN’s stock price reported revenue of $3.45 billion, surpassing Zack’s consensus revenue estimate of $3.12 billion by a significant margin of $330 million.
Now the DVN stock price has shrunk to -7.34% in the previous 24 hours to the $49 level after the release of the earnings and revenue report. However, if the next candle can break the previous candle’s low, the price might drop toward the $47 support level. If the next candle can break the previous candle’s high, the price might increase to the $53 resistance level.
Technical Analysis Of Devon Energy Corp.
The relative strength index (RSI) trades at 44.83 and denotes the slight weakness in the market during the intraday session.
The Chaikin money flow (CMF) score is 0.06 and indicates the rise in the participation of buyers in the market during the previous 24 hours.
The DVN stock price is currently trading below the 20, 50, 100, and 200-day EMA, indicating weakness in the market. However, it reflects the heavy participation of sellers in the market.
The current market capitalization of Devon Energy Corp. stock price is $31.91 Billion with an average volume of 21.33 Million shares.
Conclusion
The market structure represents the bearish sentiment in the present time frame. However, the DVN stock price has gained a bullish momentum this month with a positive monthly return. Amid the rise in demand for petrochemical and natural resources, Devon Energy Corp. is expected to achieve an uptrend in the upcoming time.
Technical Levels
Major support: $44.03 and $46.05
Major resistance: $56.19 and $66.96