Shares of Devon Energy Fall to a New 52-Week Low

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Dec 31, 2012 (52 Week high-lows via COMTEX) -- Shares of Devon Energy (NYSE:DVN) traded at a new 52-week low today of $50.89. This new low was reached on approximately average trading volume as 2.7 million shares traded hands, while the average 30-day volume is approximately 3.5 million shares.

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.

Devon Energy (NYSE:DVN) has potential upside of 41.9% based on a current price of $51.12 and analysts' consensus price target of $72.56. The stock should run into initial resistance at its 50-day moving average (MA) of $54.86 and subsequent resistance at its 200-day MA of $60.12.

Over the past year, Devon Energyhas traded in a range of $50.89 to $76.34 and are now at $51.12. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 0.6%.

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Copyright, Comtex News Network, Inc. 2012

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