Scotiabank Has Negative View of Devon Energy FY2024 Earnings

Devon Energy Co. (NYSE:DVN) – Research analysts at Scotiabank lowered their FY2024 earnings estimates for Devon Energy in a report released on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the energy company will earn $4.70 per share for the year, down from their prior estimate of $5.55. Scotiabank has a “Sector Outperform” rating and a $48.00 price target on the stock. The consensus estimate for Devon Energy’s current full-year earnings is $4.79 per share. Scotiabank also issued estimates for Devon Energy’s FY2025 earnings at $4.20 EPS.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during 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%. Devon Energy’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 business earned $1.65 EPS.

DVN has been the subject of a number of other reports. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday, January 3rd. Mizuho cut their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.48.

Devon Energy Trading Up 2.7 %

Shares of DVN stock opened at $36.10 on Monday. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a market cap of $23.71 billion, a price-to-earnings ratio of 6.70, a PEG ratio of 1.07 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a 50 day simple moving average of $35.62 and a 200-day simple moving average of $40.56.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sugarloaf Wealth Management LLC raised its position in Devon Energy by 159.0% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 15,717 shares of the energy company’s stock valued at $514,000 after purchasing an additional 9,648 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock valued at $89,170,000 after purchasing an additional 1,296,590 shares during the period. Hudson Valley Investment Advisors Inc. ADV grew its holdings in shares of Devon Energy by 20.8% in the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 6,600 shares of the energy company’s stock valued at $216,000 after purchasing an additional 1,137 shares in the last quarter. Fortem Financial Group LLC increased its stake in Devon Energy by 17.9% during the 4th quarter. Fortem Financial Group LLC now owns 17,576 shares of the energy company’s stock worth $575,000 after buying an additional 2,672 shares during the period. Finally, Bard Financial Services Inc. lifted its holdings in Devon Energy by 86.9% during the 4th quarter. Bard Financial Services Inc. now owns 20,650 shares of the energy company’s stock worth $676,000 after buying an additional 9,600 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.44%. Devon Energy’s dividend payout ratio is currently 16.33%.

Devon Energy Company Profile

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.