Capital One Financial Brokers Cut Earnings Estimates for Devon Energy Co. (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Equities researchers at Capital One Financial cut their FY2024 earnings estimates for shares of Devon Energy in a research note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings per share of $4.72 for the year, down from their prior estimate of $5.34. The consensus estimate for Devon Energy’s current full-year earnings is $5.36 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.12 EPS, Q1 2025 earnings at $0.99 EPS, Q2 2025 earnings at $1.09 EPS, Q3 2025 earnings at $1.15 EPS, Q4 2025 earnings at $1.20 EPS, FY2025 earnings at $4.43 EPS and FY2026 earnings at $5.04 EPS.

DVN has been the topic of a number of other research reports. Truist Financial dropped their price target on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Susquehanna dropped their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Morgan Stanley dropped their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Devon Energy Stock Up 1.5 %

Devon Energy stock opened at $40.97 on Friday. The business has a fifty day moving average price of $44.28 and a 200-day moving average price of $47.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy has a 1-year low of $39.02 and a 1-year high of $55.09. The stock has a market capitalization of $25.89 billion, a price-to-earnings ratio of 7.82, a PEG ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm earned $1.18 earnings per share.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Creekmur Asset Management LLC acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $791,000. Wahed Invest LLC lifted its holdings in Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after acquiring an additional 648 shares during the last quarter. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy during the first quarter worth about $30,000. MCF Advisors LLC increased its position in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares during the period. Finally, GAMMA Investing LLC grew its position in Devon Energy by 39.2% in the 1st quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock valued at $548,000 after buying an additional 3,079 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.15%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

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.