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A Deep Dive into Devon Energy’s Operational Performance

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A Deep Dive into Devon Energy’s Operational Performance PART 1 OF 15

How Devon Energy Stock Is Performing in 2017

Underperformance

So far in 2017, crude oil (USO) and natural gas (UNG) producer Devon Energy’s (DVN) stock price has widely underperformed crude oil prices. DVN stock has fallen from $45.60 to $36.90 year-to-date. Crude oil prices fell from $53.72 per barrel to $49.66 per barrel during the same period.

How Devon Energy Stock Is Performing in 2017

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How DVN stock performed over the medium term

When looking at a longer timeframe over the last two years, it appears that DVN stock is still making a pattern of higher highs and higher lows on the weekly charts. This pattern indicates that an uptrend in DVN stock is still intact and could be violated only when DVN stock closes below $36.54 on a weekly basis.

DVN stock hit its 52-week low of $32.58 on May 19, 2016, and it hit its 52-week high of $50.55 on December 12, 2016. Currently, DVN is trading below its 50-day and 200-day moving averages. 

On May 18, 2017, DVN’s stock price closed at $36.90. Its 50-day and 200-day moving averages stood at $39.93 and $42.89, respectively.

How DVN’s peers performed year-to-date

In 2017 year-to-date, DVN’s peers Marathon Oil (MRO) and Occidental Petroleum (OXY) are down ~18% and ~14%, respectively. So far in 2017, the oil and gas exploration and production companies (XOP) underperformed the SPDR S&P 500 ETF (SPY). 

In this series

Is the uptrend in Devon Energy (DVN) sustainable from a fundamentals point of view? What are DVN’s operational strategies in light of higher crude oil prices? How have rising crude oil prices affected Devon Energy’s production, realized prices, and margins in the most recent quarter? Did DVN benefit from its hedges in 1Q17? 

We’ll address these questions throughout this series by studying Devon Energy’s operational strategies, production, production mix, costs, and margins.

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