Scotiabank Has Negative View of Devon Energy FY2024 Earnings

Devon Energy Co. (NYSE:DVN) – Research analysts at Scotiabank lowered their FY2024 EPS estimates for Devon Energy in a report released on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the energy company will post earnings per share of $4.70 for the year, down from their previous forecast of $5.55. Scotiabank has a “Sector Outperform” rating and a $48.00 price target on the stock. The consensus estimate for Devon Energy’s current full-year earnings is $4.79 per share. Scotiabank also issued estimates for Devon Energy’s FY2025 earnings at $4.20 EPS.

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

DVN has been the topic of several other reports. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday, January 3rd. Morgan Stanley reduced their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. TD Cowen decreased their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, Evercore ISI cut their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $36.10 on Monday. The firm has a market capitalization of $23.71 billion, a P/E ratio of 6.70, a P/E/G ratio of 1.07 and a beta of 1.99. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The firm’s 50 day moving average is $35.62 and its two-hundred day moving average is $40.56.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy during the 3rd quarter valued at about $461,857,000. Pacer Advisors Inc. raised its position in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the third quarter valued at about $408,653,000. Finally, Victory Capital Management Inc. grew its position in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.