Devon Energy Corporation (DVN) lost ground during morning trading on September 23 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector halfway through the trading day. At the lunch break, shares of DVN have fallen 3.58% to $40.38 after closing the day prior at $41.88. So far, the stock has traded as high as $41.98 and as low as $40.25. Today’s decline has come with about 2.29 million shares changing hands, compared to an average 30-day volume of 5.44 million for Devon Energy Corporation. The price is currently below the 30-day volume weighted average price of $41.32 for DVN.
The share depreciation gives the company a market capitalization of $21.93 billion based upon 523.6 million shares outstanding. It also means that DVN has a price-to-book ratio of 4.52:1.
In the past 52 weeks, shares of DVN have traded as low as $18.07 and as high as $48.68. Technical traders will take note that at $40.38, shares of DVN are trading above their 200-day MA at $32.58 and below their 50-day MA at $40.95. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is DVN?
Devon Energy Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and NGLs. The company’s 6600 employees are led by CEO David A. Hager from the corporate headquarters at 333 West Sheridan Avenue in Oklahoma City, OK.
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