DVN, based in Oklahoma City, explores and produces gas and oil. Annual revenues: $11.4 billion. DVN, part of the strong acting, energy sector,  breaks out from a 15-week, flat base which featured two shakouts to the downside. The stock's action today is good considering the stock market declined sharply. So far today, DVN is trading 4.2 million shares. Its average daily volume is 4.3 million shares.

  DVN started to move higher early in the session. TTD highlighted the stock as a breakout at our midsession show on the Web.

  TTD's clip of the tape shows very strong accumulation late on Wednesday and early Thursday.

  A big block of 22,400 shares crossed the tape on Wednesday on an up tick to $93.10. That was followed Thursday morning with a block of 18,200 shares that crossed on an up tick to $93.60 from $93.31. That was a big jump and indicated aggressive institutional buying.

DVN was formed in 2003 from the merger of Devon and Ocean Energy.

 The company is now one of the largest independent exploration and production companies in the U.S.

 The firm produced 815 billion cubic feet of natural gas and 55 million barrels of oil. DVN's reserves are 60% natural gas and almost entirely in North America. Midstream and marketing operations accounted for about 16% of total revenue.

  TTD's long-term chart of DVN shows the stock with a strong advance the past five years from 20 to 94. The stock remains in a strong up trend.

  TTD's daily chart of DVN shows a flat base. The stock has been rallying strongly from a shakeout five weeks ago. The move higher coincides with the strong action in several oil plays. So, the stock is moving in tandem with the groups leaders.

  DVN's TTD momentum indicator (top of the chart) is extremely bullish indicating good price and volume action.

  The accumulation - distribution line is in a good up trend. Thus, it is showing good support for the price movement of the stock.

  This year, analysts are forecasting a 36% increase in DVN's earnings to $8.14 a share from $6 a share a year ago. The stock sells with a price-earnings ratio of  just 11 based on this year's projected profits. TTD sees that as low.

A key to the stock's near-term playability is that net for the first quarter should leap 61% to $2.04 a share from $1.27 a year ago. The highest estimate on the Street is at $2.47 a share. That indicates that some see potential for a big quarter. The prior quarter, DVN topped the consensus Street estimate by 27 cents a share.

  Strategy Opinion: TTD is calling for DVN to advance to 115 within the next few months. A protective stop can be placed near 90. TTD rates DVN an average intermediate-term play.

  Sponsorship: Good. Vanguard Total Stock market Index Fund, 4-star rated, was a key buyer recently picking up 142,000 shares. Also, 4-star rated Pincipal Investors Large-Cap Growth Fund added 203,000 shares.

  Insider Activity: Slightly Bullish. Insiders have been slightly more buyers than sellers. Currently, 16 analysts follow the stock, 7 have a buy, 9 are neutral.  

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