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Downgrade Alert for Devon Energy (DVN)

By Nick Russo

Devon Energy (NYSE:DVN) was downgraded from Outperform to Market Perform at Raymond James today. The stock closed yesterday at $44.21 on volume of 4.7 million shares, below average daily volume of 12.2 million.

There is potential upside of 33.3% for shares of Devon Energy based on a current price of $44.21 and an average consensus analyst price target of $58.93. The stock should find initial support at its 200-day moving average (MA) of $35.32 and further support at its 50-day MA of $27.95.

Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

In the past 52 weeks, Devon Energy share prices have been bracketed by a low of $18.07 and a high of $70.48 and closed yesterday at $44.21, 145% above that low price. The 200-day and 50-day moving averages have moved 1.15% lower and 3.91% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Devon Energy on May 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.72. Since that recommendation, shares of Devon Energy have risen 24.0%. We continue to monitor DVN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades devon energy

Ticker(s): DVN