Devon Energy Shares Sinking Lower, Down 1.6%

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Dec 28, 2012 (Market movers via COMTEX) -- One of today's notable stocks in decline is Devon Energy (NYSE:DVN), down 1.6% to $51.41. The Dow Jones Industrial Average is now trading 0.3% lower to 13,060 and the S&P is trading 0.2% lower to 1,415.

Potential upside of 41.8% exists for Devon Energy, based on a current level of $51.41 and analysts' average consensus price target of $72.90. The stock should find initial resistance at its 50-day moving average (MA) of $55.06 and further resistance at its 200-day MA of $60.22.

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, shares of Devon Energy have traded between the current low of $51.37 and a high of $76.34 and are now at $51.41. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.9%.

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Copyright, Comtex News Network, Inc. 2012

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