Zacks Research Predicts Stronger Earnings for Devon Energy

Devon Energy Co. (NYSE:DVN) – Investment analysts at Zacks Research lifted their FY2024 EPS estimates for shares of Devon Energy in a note issued to investors on Wednesday, January 15th. Zacks Research analyst J. Saha now anticipates that the energy company will earn $4.73 per share for the year, up from their prior estimate of $4.72. The consensus estimate for Devon Energy’s current full-year earnings is $4.72 per share. Zacks Research also issued estimates for Devon Energy’s Q4 2024 earnings at $1.06 EPS, Q1 2025 earnings at $1.16 EPS, Q2 2025 earnings at $1.11 EPS, Q4 2025 earnings at $1.04 EPS, FY2025 earnings at $4.47 EPS, Q1 2026 earnings at $0.99 EPS, Q2 2026 earnings at $1.17 EPS, Q3 2026 earnings at $1.06 EPS, Q4 2026 earnings at $0.95 EPS and FY2026 earnings at $4.16 EPS.

DVN has been the topic of several other reports. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Wednesday. Citigroup dropped their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Piper Sandler reduced their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Finally, Raymond James lowered their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Stock Down 0.0 %

DVN stock opened at $38.42 on Friday. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market capitalization of $25.24 billion, a price-to-earnings ratio of 7.13, a PEG ratio of 1.14 and a beta of 2.00. The business’s fifty day moving average price is $35.50 and its two-hundred day moving average price is $40.39.

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

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.29%. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the business. William B. Walkup & Associates Inc. acquired a new position in Devon Energy during the 2nd quarter worth about $1,026,000. Legacy Investment Solutions LLC acquired a new stake in shares of Devon Energy in the third quarter valued at about $8,002,000. Bridgewater Associates LP acquired a new position in shares of Devon Energy in the third quarter worth approximately $9,426,000. Petrus Trust Company LTA lifted its stake in shares of Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.