Devon Energy Co. (NYSE:DVN) Forecasted to Post Q3 2024 Earnings of $1.03 Per Share

Devon Energy Co. (NYSE:DVN) – Equities researchers at Capital One Financial dropped their Q3 2024 earnings estimates for shares of Devon Energy in a note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the energy company will post earnings per share of $1.03 for the quarter, down from their previous forecast of $1.25. The consensus estimate for Devon Energy’s current full-year earnings is $5.36 per share.

Several other equities analysts have also issued reports on DVN. Scotiabank decreased their price objective on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Susquehanna reduced their price target on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. lowered their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Truist Financial cut their price target on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Devon Energy Stock Down 0.2 %

NYSE:DVN opened at $40.37 on Thursday. Devon Energy has a 1 year low of $39.02 and a 1 year high of $55.09. The stock has a 50-day moving average price of $44.39 and a two-hundred day moving average price of $47.39. The stock has a market cap of $25.51 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.13 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

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

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Triad Wealth Partners LLC bought a new position in shares of Devon Energy in the second quarter valued at about $27,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the first quarter worth approximately $30,000. Jones Financial Companies Lllp boosted its holdings in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the second quarter valued at approximately $34,000. Finally, PSI Advisors LLC grew its position in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Company Profile

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.