FY2024 EPS Estimates for Devon Energy Cut by Analyst

Devon Energy Co. (NYSE:DVN) – Analysts at Capital One Financial dropped their FY2024 earnings estimates for shares of Devon Energy in a report issued on Tuesday, November 12th. Capital One Financial analyst P. Johnston now expects that the energy company will post earnings per share of $4.50 for the year, down from their previous forecast of $4.74. The consensus estimate for Devon Energy’s current full-year earnings is $4.86 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $0.84 EPS, Q2 2025 earnings at $0.88 EPS, FY2025 earnings at $3.68 EPS and FY2026 earnings at $4.40 EPS.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business earned $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year.

DVN has been the subject of several other research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. UBS Group dropped their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Jefferies Financial Group assumed coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. Finally, Wells Fargo & Company dropped their price objective on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.80.

Devon Energy Trading Up 0.6 %

Shares of DVN stock opened at $39.36 on Thursday. The firm has a fifty day moving average of $40.15 and a 200-day moving average of $44.52. The stock has a market cap of $25.86 billion, a price-to-earnings ratio of 7.30, a P/E/G ratio of 1.19 and a beta of 2.03. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. True Wealth Design LLC boosted its holdings in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy in the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $230,928,000. Finally, Edgestream Partners L.P. lifted its holdings in Devon Energy by 592.6% in the third quarter. Edgestream Partners L.P. now owns 50,001 shares of the energy company’s stock valued at $1,956,000 after buying an additional 42,782 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.24%. Devon Energy’s payout ratio is 16.33%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.