Devon Energy Co. (NYSE:DVN) Expected to Earn Q3 2024 Earnings of $1.25 Per Share

Devon Energy Co. (NYSE:DVN) – Investment analysts at Capital One Financial reduced their Q3 2024 earnings per share estimates for shares of Devon Energy in a note issued to investors on Friday, August 16th. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings of $1.25 per share for the quarter, down from their prior estimate of $1.32. The consensus estimate for Devon Energy’s current full-year earnings is $5.40 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.53 EPS, FY2024 earnings at $5.34 EPS, Q1 2025 earnings at $1.44 EPS, Q2 2025 earnings at $1.56 EPS, Q3 2025 earnings at $1.63 EPS, Q4 2025 earnings at $1.69 EPS, FY2025 earnings at $6.33 EPS and FY2026 earnings at $6.15 EPS.

DVN has been the subject of a number of other research reports. Wells Fargo & Company reduced their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Piper Sandler reduced their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Bank of America restated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Finally, StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.75.

Devon Energy Stock Performance

NYSE DVN opened at $44.04 on Monday. The stock has a 50-day simple moving average of $46.06 and a two-hundred day simple moving average of $47.45. The firm has a market capitalization of $27.83 billion, a P/E ratio of 8.40, a PEG ratio of 0.75 and a beta of 2.07. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.18 EPS.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Institutional Trading of Devon Energy

A number of large investors have recently modified their holdings of DVN. Vanguard Group Inc. boosted its stake in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after buying an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in Devon Energy by 7,165.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after purchasing an additional 964,147 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.