Devon Energy Co. (NYSE:DVN) to Post Q3 2024 Earnings of $1.03 Per Share, Capital One Financial Forecasts

Devon Energy Co. (NYSE:DVN) – Analysts at Capital One Financial dropped their Q3 2024 earnings estimates for Devon Energy in a report released on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings of $1.03 per share 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.

DVN has been the topic of a number of other research reports. Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Finally, Truist Financial reduced their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Devon Energy Trading Down 0.5 %

NYSE DVN opened at $40.78 on Thursday. The stock’s 50 day moving average is $44.17 and its 200 day moving average is $47.30. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $25.77 billion, a PE ratio of 7.74, a P/E/G ratio of 1.13 and a beta of 2.03. Devon Energy has a twelve month low of $39.02 and a twelve month high of $55.09.

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

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Triad Wealth Partners LLC purchased a new stake in Devon Energy during the second quarter valued at $27,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at about $30,000. Jones Financial Companies Lllp increased its position in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy in the 2nd quarter worth approximately $34,000. Finally, PSI Advisors LLC boosted its holdings 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 worth $36,000 after buying an additional 300 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.