Capital One Financial Weighs in on Devon Energy Co.’s Q3 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Stock analysts at Capital One Financial increased their Q3 2024 earnings estimates for Devon Energy in a research report issued on Wednesday, October 9th. Capital One Financial analyst P. Johnston now forecasts that the energy company will post earnings per share of $1.05 for the quarter, up from their previous forecast of $1.03. The consensus estimate for Devon Energy’s current full-year earnings is $5.01 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.13 EPS, FY2024 earnings at $4.74 EPS, Q2 2025 earnings at $1.10 EPS, FY2025 earnings at $4.45 EPS and FY2026 earnings at $5.07 EPS.

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

Several other research firms have also commented on DVN. JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Wolfe Research started coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho reduced their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Finally, Scotiabank reduced their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $52.63.

Devon Energy Trading Up 0.2 %

NYSE DVN opened at $42.96 on Monday. The firm has a 50 day simple moving average of $42.37 and a 200-day simple moving average of $46.58. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a one year low of $37.76 and a one year high of $55.09. The firm has a market cap of $27.15 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 1.27 and a beta of 2.02.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.05%. Devon Energy’s dividend payout ratio is presently 16.79%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of DVN. Salem Investment Counselors Inc. boosted its holdings in shares of Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Retirement Group LLC boosted its holdings in shares of Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after acquiring an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of Devon Energy by 5.6% in the first 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 in the last quarter. Finally, Annex Advisory Services LLC boosted its holdings in shares of Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after acquiring an additional 223 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.