Brokers Offer Predictions for Devon Energy FY2024 Earnings

Devon Energy Co. (NYSE:DVN) – 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 expects that the energy company will post earnings of $4.50 per share for the year, down from their previous estimate 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.

Several other equities research analysts also recently commented on the stock. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and reduced their target price for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Susquehanna reduced their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, TD Cowen lowered their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $51.80.

Devon Energy Stock Performance

Shares of DVN opened at $39.36 on Thursday. The company has a 50-day moving average of $40.15 and a two-hundred day moving average of $44.52. The stock has a market cap of $25.86 billion, a price-to-earnings ratio of 7.30, a PEG ratio of 1.19 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.65 earnings per share.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.24%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Vanguard Group Inc. raised its position in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the 3rd quarter valued at $461,857,000. Pacer Advisors Inc. raised its holdings in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the period. EnCap Partners GP LLC acquired a new position in Devon Energy during the 3rd quarter worth $408,653,000. Finally, Victory Capital Management Inc. grew its position in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during 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.