FY2024 EPS Estimates for Devon Energy Decreased by Analyst

Devon Energy Co. (NYSE:DVN) – Equities research analysts at Capital One Financial lowered their FY2024 EPS estimates for Devon Energy in a report released on Tuesday, November 12th. Capital One Financial analyst P. Johnston now anticipates that the energy company will earn $4.50 per share for the year, down from their previous forecast of $4.74. The consensus estimate for Devon Energy’s current full-year earnings is $4.86 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 announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.65 EPS.

A number of other research firms also recently weighed in on DVN. Mizuho decreased their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. BMO Capital Markets decreased their target price 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. Barclays reduced their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. StockNews.com downgraded Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $51.80.

Devon Energy Stock Performance

NYSE:DVN opened at $39.10 on Thursday. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The firm’s 50 day moving average is $40.20 and its two-hundred day moving average is $44.55. 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 company has a market cap of $25.68 billion, a P/E ratio of 7.25, a P/E/G ratio of 1.19 and a beta of 2.03.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. CreativeOne Wealth LLC lifted its stake in Devon Energy by 15.6% in the third quarter. CreativeOne Wealth LLC now owns 22,176 shares of the energy company’s stock valued at $868,000 after buying an additional 2,994 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Devon Energy during the third quarter worth about $27,384,000. Glenmede Trust Co. NA lifted its position in Devon Energy by 121.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 35,654 shares of the energy company’s stock valued at $1,395,000 after acquiring an additional 19,589 shares in the last quarter. Bridgewater Associates LP acquired a new stake in Devon Energy in the 3rd quarter valued at approximately $9,426,000. Finally, Freedom Investment Management Inc. acquired a new position in Devon Energy during the third quarter worth $346,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, December 13th. Devon Energy’s 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.