FY2024 EPS Estimates for Devon Energy Cut by Analyst

Devon Energy Co. (NYSE:DVN) – Analysts at Capital One Financial dropped their FY2024 EPS estimates for Devon Energy in a research report issued to clients and investors on Tuesday, November 12th. Capital One Financial analyst P. Johnston now forecasts that the energy company will post earnings per share of $4.50 for the year, down from their prior estimate of $4.74. The consensus estimate for Devon Energy’s current full-year earnings is $4.84 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $0.84 EPS, Q2 2025 earnings at $0.88 EPS, FY2025 earnings at $3.68 EPS and FY2026 earnings at $4.40 EPS.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $1.65 EPS. Devon Energy’s revenue was up 4.9% on a year-over-year basis.

Several other equities analysts also recently commented on the company. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and dropped their target price for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. BMO Capital Markets reduced their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Scotiabank decreased their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Piper Sandler reduced their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $51.80.

Devon Energy Trading Down 2.3 %

DVN opened at $38.46 on Thursday. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a 50-day simple moving average of $40.09 and a 200 day simple moving average of $44.41. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $25.26 billion, a price-to-earnings ratio of 7.14, a P/E/G ratio of 1.22 and a beta of 2.03.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. Devon Energy’s payout ratio is 16.33%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the stock. Annex Advisory Services LLC grew its stake in shares of Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares in the last quarter. Versant Capital Management Inc grew its stake in Devon Energy by 30.4% during the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares in the last quarter. Archer Investment Corp increased its holdings in Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after purchasing an additional 235 shares during the period. Citizens Financial Group Inc. RI raised its position in Devon Energy by 2.6% in the 1st quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock valued at $476,000 after purchasing an additional 236 shares in the last quarter. Finally, Institute for Wealth Management LLC. boosted its stake in shares of Devon Energy by 4.0% in the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock valued at $296,000 after buying an additional 237 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.