FY2024 EPS Estimates for Devon Energy Cut by Zacks Research

Devon Energy Co. (NYSE:DVN) – Analysts at Zacks Research dropped their FY2024 earnings per share estimates for shares of Devon Energy in a research note issued to investors on Tuesday, November 19th. Zacks Research analyst J. Saha now forecasts that the energy company will post earnings per share of $4.72 for the year, down from their prior estimate of $4.84. The consensus estimate for Devon Energy’s current full-year earnings is $4.81 per share. Zacks Research also issued estimates for Devon Energy’s Q4 2024 earnings at $1.05 EPS, Q3 2025 earnings at $1.16 EPS, Q2 2026 earnings at $1.06 EPS and Q3 2026 earnings at $1.08 EPS.

DVN has been the topic of a number of other reports. Jefferies Financial Group initiated coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. BMO Capital Markets reduced their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and decreased their price target for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Evercore ISI decreased their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Hold” and a consensus target price of $51.85.

Devon Energy Stock Up 1.2 %

Shares of NYSE:DVN opened at $38.77 on Thursday. The stock’s 50-day moving average price is $39.94 and its two-hundred day moving average price is $44.08. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a 12-month low of $37.76 and a 12-month high of $55.09. The firm has a market cap of $25.47 billion, a price-to-earnings ratio of 7.19, a PEG ratio of 1.20 and a beta of 2.03.

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

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently made changes to their positions in DVN. Triad Wealth Partners LLC acquired a new stake in Devon Energy in the second quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy in the second quarter worth $34,000. Capital Performance Advisors LLP acquired a new stake in Devon Energy in the third quarter worth $35,000. PSI Advisors LLC increased its position in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares during the period. Finally, LRI Investments LLC acquired a new stake in Devon Energy in the first quarter worth $39,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

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.