The CTVA stock has a CMP of $49.55 and an intraday loss of 0.22%. The CTVA stock’s average volume for the last 10 days is 3.353 Million and its current volume is 2.248 Million. The CTVA stock has a float of 708.787 Million shares and a market cap of $35.169 Billion.
According to the Corteva Inc. (NYSE: CTVA) stock price action that was displayed on its chart, the stock price started surging upwards from the $20 support level in March 2020. It reached a high of $68 in the first week of November 2022, by forming an uptrend.
However, this uptrend was disturbed as the CTVA stock faced resistance and started to fall by making lower lows and highs as investors made profit booking over continuous multiple quarterly reports and dividends and faced resistance from a downward trendline. Conversely, the stock has shown some recovery traits as the CTVA price took support at $48 (at press time) and tried to sustain above previous swing low on the charts.
Therefore, if the Corteva stock manages to gain strong buying momentum and surges above the previous swing high, it can shoot an upward rally. The probable resistance levels are between $51 to $53.
Alternatively, if the CTVA stock faces resistance again and continues to fall and breaks below $48, it could fall up to $46.
CTVA Stock Price Technical Analysis in 1-D Timeframe
At the time of publishing, the price of Corteva Inc. (NYSE: CTVA) took support around $186 and rose upward trading near 20 EMA. Therefore, if more buying volume assists the CTVA price in surging upwards, the stock may surpass major rejecting levels and EMAs and thrust for making new highs.
The MACD indicates an anticipated bullish cross and shows bullishness in CTVA stock as the histogram width has narrowed and both lines have closed on each other in the MACD tool. The RSI is at 39.03 and the curve is approaching 14 SMA from below and may soon jump over 14 SMA which is at 42.37. The indicators in the CTVA stock show bullish signs on the charts.
In addition, the stock ratings for CTVA stock are positive and highly recommended based on 26 analysts who have evaluated the stock in the last three months. The 1-year price forecasts for CTVA stock by 22 analysts range between $57.00 to $82.00.
CTVA Stock Price Financial Details
CTVA stock’s latest quarterly balance sheet for the period ending June 2023 reported total assets of $44.19 Billion and total liabilities of $17.73 Billion. The CTVA debt-to-assets ratio is at 40.12%.
The CTVA latest quarterly earnings report for the period ending June 2023, displayed a revenue of $6.04 Billion, with a net income of $714.00 Million, and a profit margin from the last quarter of 11.81%. This quarter, the CTVA stock’s reported revenue missed analysts’ estimates by $386.642 Million (6.01%).
Moreover, the CTVA stock reported an EPS of $1.60 for the period ending June 2023, beating the analysts’ estimate of $1.584 by 0.99%. The next quarter’s CTVA revenue is estimated to be $2.761 Billion and an estimated EPS of $0.214. The report will be released on November 8th, 2023.
The CTVA stock’s dividend yield for the TTM is 1.23% and its last dividend payment was 0.16 per share. The CTVA last ex-dividend date was August 31th, 2023 and its payout ratio is 46.38%. A low dividend payout ratio indicates that Corteva Inc. is confident in its future prospects and has enough cash flow to reinvest in its business.
CTVA’s dividend payments are covered by earnings and cash flows, which is a positive sign for its dividend safety and sustainability.
Even though investors have made a lot of profit from the CTVA stock, the dividend amount has shown that the company is financially and fundamentally healthy, as it has increased from $0.26 to $0.58 in the past four years.
Summary
Corteva Inc. (NYSE: CTVA) chart indicates that the traders and investors of the share price are bullish and positive on the 1-D timeframe. The price action shows a bullish outlook at the time of publishing. The technical analysis tools of the Corteva stock price highlight upward signals and support bullishness.
Technical Levels
Support Levels: $48 and $46
Resistance Levels: $51 and $53
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/14/ctva-stock-forecast-can-nyse-ctva-jump-60-mark-by-year-end/