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This oil stock could power ahead
Energy stocks are on the rise and one company in particular, Devon Energy Corporation, is benefiting from the recent rally. Serge Berger, better known as The Steady Trader, has been monitoring the company’s actions and is looking to invest, as a move higher is anticipated.
On Friday, March 28th the S&P 500 Energy index broke past an important resistance level pushing oil refinery stocks higher; this move coincided with a rally in oil prices. Both events benefited Devon Energy. Devon is among the biggest US based independent gas and oil producers. Over the last few weeks the company has been favourably noted in the media for making important corporate changes including: increasing dividend payments by 9 percent and the completion of a merger involving Crosstex Energy.
Devon Energy’s stock is positioned to move higher and Serge is looking to buy at USD 65.80 with a target price of USD 72.00. A stop on the trade can be placed at USD 63.50.
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01:27 minutes
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