Brokers Set Expectations for Devon Energy Co.’s Q1 2022 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Investment analysts at Capital One Financial decreased their Q1 2022 earnings per share estimates for shares of Devon Energy in a research report issued on Tuesday, November 23rd. Capital One Financial analyst P. Johnston now forecasts that the energy company will post earnings of $1.32 per share for the quarter, down from their prior estimate of $1.34. Capital One Financial also issued estimates for Devon Energy’s Q2 2022 earnings at $1.33 EPS, Q3 2022 earnings at $1.34 EPS, Q4 2022 earnings at $1.34 EPS and FY2022 earnings at $5.33 EPS.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 2nd. The energy company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.15. Devon Energy had a net margin of 13.50% and a return on equity of 19.77%. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the prior year, the firm earned ($0.04) earnings per share.

Several other equities research analysts also recently issued reports on the stock. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Wednesday, November 3rd. Mizuho raised their target price on shares of Devon Energy from $38.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, October 26th. Royal Bank of Canada raised their target price on shares of Devon Energy from $46.00 to $52.00 and gave the company a “sector perform” rating in a research report on Thursday, November 4th. Truist raised their target price on shares of Devon Energy from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 4th. They noted that the move was a valuation call. Finally, Argus raised their target price on shares of Devon Energy from $32.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, November 9th. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $41.58.

Shares of DVN stock opened at $45.09 on Thursday. The firm has a fifty day moving average of $39.48 and a 200-day moving average of $31.85. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.72. Devon Energy has a 12-month low of $13.78 and a 12-month high of $45.56. The company has a market capitalization of $30.53 billion, a price-to-earnings ratio of 27.00, a P/E/G ratio of 0.30 and a beta of 3.11.

Institutional investors have recently modified their holdings of the business. Castleark Management LLC raised its stake in Devon Energy by 44.4% in the 2nd quarter. Castleark Management LLC now owns 106,800 shares of the energy company’s stock worth $3,117,000 after purchasing an additional 32,850 shares in the last quarter. Guinness Asset Management LTD raised its stake in Devon Energy by 20.3% in the 2nd quarter. Guinness Asset Management LTD now owns 379,026 shares of the energy company’s stock worth $10,338,000 after purchasing an additional 63,900 shares in the last quarter. Boston Partners acquired a new stake in Devon Energy in the 2nd quarter worth about $57,929,000. New York State Common Retirement Fund raised its stake in Devon Energy by 13.6% in the 2nd quarter. New York State Common Retirement Fund now owns 1,270,471 shares of the energy company’s stock worth $37,085,000 after purchasing an additional 152,279 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in Devon Energy by 66.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 93,377 shares of the energy company’s stock worth $2,726,000 after purchasing an additional 37,330 shares in the last quarter. Institutional investors and hedge funds own 86.38% of the company’s stock.

In other news, COO Clay M. Gaspar sold 61,053 shares of the firm’s stock in a transaction dated Monday, November 8th. The shares were sold at an average price of $44.28, for a total transaction of $2,703,426.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.80% of the company’s stock.

Devon Energy announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 2nd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 30th. Stockholders of record on Friday, December 10th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 7.45%. Devon Energy’s dividend payout ratio is presently 26.35%.

Devon Energy Company Profile

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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Earnings History and Estimates for Devon Energy (NYSE:DVN)

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