Oversold Energy Stocks To Watch: Devon Energy Corp (NYSE:DVN), Freeport-McMoRan Inc (NYSE:FCX), Noble Energy Inc (NYSE:NBL)

The following stocks (NYSE:DVN, NYSE:FCX and NYSE:NBL) are oversold as their Relative Strength index (RSI) is below 30. Indeed, the RSI is one of the most popular technical indicators and is computed on the basis of the speed and direction of a stock’s price movement, generally in a 14-day window. The RSI value will always move between 0 and 100; the value will be 0 if the stock falls on all 14 days, and 100, if the price moves up on all the days. This implies that the RSI can also be used to identify the overbought/oversold levels. Most technical analysts consider the RSI value above 70 as ‘overbought zone’ and below 30 as ‘oversold zone’.

Devon Energy Corp (NYSE:DVN)(Trend analysis) relative strength index stands at 26.81. Devon Energy Corp (NYSE:DVN) stock is currently trading 30.15% below its 52-week-high, 7.03% above its 52-week-low. The 1-year stock price history is in the range of $51.76 – $79.31. Devon Energy Corp (DVN) has a price to book ratio of 1.28 versus Basic Materials sector average of 3. Devon Energy Corp is currently valued at $22.77 billion. The stock has a 50-day moving average of $61.52 and a 200-day moving average of $62.45.

There are currently thirty-nine analysts that cover Devon Energy Corp stock. Of those thirty-nine, twenty-six have a Buy rating, twelve have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $75.33.

The stock closed last trading session at $55.4, down by -0.81%.

Freeport-McMoRan Inc (NYSE:FCX)(Trend analysis) relative strength index is at the level of 29.4. The company’s shares were traded at $16.92, up by 2.05%, with a volume of 16,221,028 shares against an average volume for the last 3 months of 17,355,600. This represents a volume multiple of 0.93.

Freeport-McMoRan Inc (FCX) current short interest stands at 45.34 million shares. It has increased by 7% from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 20.49 million shares, the number of days required to cover the short positions stand at 2.3 days.

A recent stock analyst activity consisted of Morgan Stanley upgrading their rating to Overweight on April 28. Morgan Stanley set their price target at $29.

Noble Energy Inc (NYSE:NBL)(Trend analysis) relative strength index is evolving around the 26 level. The stock closed last trading session at $38.9, down by -0.41%, with a volume of 4,768,928 shares compared to an average volume for the last 3 months of 4,481,980. The year-to-date performance of the stock stands at -26.37%.

Noble Energy Inc (NBL) current short interest stands at 16.19 million shares. It has increased by 52% from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 4.64 million shares, the number of days required to cover the short positions stand at 3.5 days.

Oversold Energy Stocks To Watch: Devon Energy Corp (NYSE:DVN), Freeport-McMoRan Inc (NYSE:FCX), Noble Energy Inc (NYSE:NBL) was last modified: July 14th, 2015 by Jason Ford