FY2024 EPS Estimates for Devon Energy Boosted by Analyst

Devon Energy Co. (NYSE:DVN) – Capital One Financial lifted their FY2024 earnings estimates for Devon Energy in a research report issued to clients and investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now expects that the energy company will earn $4.52 per share for the year, up from their previous forecast of $4.50. The consensus estimate for Devon Energy’s current full-year earnings is $4.79 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $0.86 EPS, Q1 2025 earnings at $1.03 EPS, Q2 2025 earnings at $1.11 EPS, Q3 2025 earnings at $1.20 EPS, Q4 2025 earnings at $1.26 EPS, FY2025 earnings at $4.61 EPS and FY2026 earnings at $4.66 EPS.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Jefferies Financial Group started coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. UBS Group dropped their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Susquehanna dropped their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Finally, Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $49.18.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $37.22 on Monday. The firm’s 50 day moving average is $35.58 and its two-hundred day moving average is $40.49. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The firm has a market capitalization of $24.45 billion, a P/E ratio of 6.91, a PEG ratio of 1.07 and a beta of 2.00. 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 (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business earned $1.65 earnings per share. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SkyOak Wealth LLC boosted its stake in Devon Energy by 4.1% in the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after purchasing an additional 250 shares during the period. Riversedge Advisors LLC boosted its stake in Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after purchasing an additional 253 shares during the period. Modus Advisors LLC boosted its stake in Devon Energy by 2.4% in the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares during the period. Lummis Asset Management LP boosted its stake in Devon Energy by 1.0% in the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock worth $1,425,000 after purchasing an additional 290 shares during the period. Finally, Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

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.