Analysts at Vetr Inc. upgraded shares of Devon Energy Corp. (NYSE: DVN) from Buy to Strong-Buy today. Vetr Inc. currently has a rating of Strong-Buy on the stock. The one-year price target of $46.01 is above the opening price of $40.84, causing a fair amount of other analysts to issue statements on the company in recent days. Looking back over the last 52 weeks, Devon Energy Corp. stock has a high of $48.68. Typically, after analysts publish an upgrade report on a stock, they will subsequently issue sporadic updates, often followed by a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Yesterday Devon Energy Corp. (NYSE: DVN) shares last traded at $40.66, which represents a decrease of $0.19 compared to the previous closing price. Opening at $40.84, they fluctuated from $40.47 and $41.70 throughout the day.
Devon Energy Corp. (NYSE: DVN) currently has a market cap of 21.29B.
3,887,544 shares crossed the trading desk yesterday, 6 percent lower than the average, out of a total float 520,437,000. Trading volume is likely to increase in the next few days as swing traders often use upticks in trading volume to identify substantial volume aggregation or distribution by institutional investors.
However, just a day of high volume buy side trading is not enough to affirm a trend. So market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that investigate thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re considering.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
Trades for Devon Energy Corp. (NYSE: DVN) have ranged from $18.07 – 48.68, and the stock now has a 50-day MA of $42.29 and 200-day MA of $35.49. Today’s last price is 0.16% below the 52 week high of $48.68.
Earnings growth is a critical factor to look at when investing in stocks and investors seek companies that have increased their earnings by at least 25% over 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.