FY2024 EPS Estimates for Devon Energy Decreased by Analyst

Devon Energy Co. (NYSE:DVN) – Analysts at Zacks Research decreased their FY2024 earnings 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 of $4.72 per share 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.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Susquehanna lowered their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, Evercore ISI cut their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $51.85.

Devon Energy Stock Performance

DVN stock opened at $39.45 on Thursday. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 7.32, a PEG ratio of 1.20 and a beta of 2.03. The business’s fifty day simple moving average is $39.94 and its two-hundred day simple moving average is $44.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating 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 analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis.

Devon Energy Dividend Announcement

The firm also recently announced 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 is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.23%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in shares of Devon Energy in the third quarter worth approximately $7,468,000. Fortem Financial Group LLC purchased a new position in Devon Energy in the 3rd quarter valued at $583,000. Coldstream Capital Management Inc. boosted its stake in Devon Energy by 6.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 18,978 shares of the energy company’s stock worth $742,000 after purchasing an additional 1,162 shares during the last quarter. First Dallas Securities Inc. raised its position in shares of Devon Energy by 183.3% in the third quarter. First Dallas Securities Inc. now owns 39,955 shares of the energy company’s stock valued at $1,563,000 after buying an additional 25,854 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after buying an additional 206,884 shares in the last quarter. 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.