FY2024 EPS Estimates for Devon Energy Lifted by Analyst

Devon Energy Co. (NYSE:DVN - Free Report) - Capital One Financial raised their FY2024 earnings per share estimates for Devon Energy in a report issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now anticipates that the energy company will earn $4.52 per share for the year, up from their previous forecast of $4.50. The consensus estimate for Devon Energy's current full-year earnings is $4.79 per share. Capital One Financial also issued estimates for Devon Energy's Q4 2024 earnings at $0.86 EPS, Q1 2025 earnings at $1.03 EPS, Q2 2025 earnings at $1.11 EPS, Q3 2025 earnings at $1.20 EPS, Q4 2025 earnings at $1.26 EPS, FY2025 earnings at $4.61 EPS and FY2026 earnings at $4.66 EPS.

A number of other analysts also recently issued reports on the company. Raymond James dropped their price target on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Morgan Stanley dropped their target price on shares of Devon Energy from $55.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, September 16th. Barclays decreased their price target on shares of Devon Energy from $55.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, October 3rd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday. Finally, UBS Group reduced their target price on Devon Energy from $53.00 to $47.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 18th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.43.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.85 on Monday, reaching $36.84. The stock had a trading volume of 12,186,464 shares, compared to its average volume of 11,430,712. The business's 50 day moving average is $35.62 and its two-hundred day moving average is $40.56. The company has a market cap of $24.20 billion, a P/E ratio of 6.83, a price-to-earnings-growth ratio of 1.07 and a beta of 1.99. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company earned $1.65 EPS. The firm's revenue was up 4.9% compared to the same quarter last year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy's dividend payout ratio (DPR) is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors have recently modified their holdings of the business. SkyOak Wealth LLC increased its position in Devon Energy by 4.1% during the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company's stock valued at $298,000 after acquiring an additional 250 shares during the last quarter. Riversedge Advisors LLC grew its position in shares of Devon Energy by 3.6% during the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company's stock valued at $287,000 after acquiring an additional 253 shares during the period. Modus Advisors LLC raised its holdings in Devon Energy by 2.4% in the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company's stock worth $447,000 after purchasing an additional 272 shares during the period. Lummis Asset Management LP lifted its position in Devon Energy by 1.0% during the second quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company's stock valued at $1,425,000 after purchasing an additional 290 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. grew its holdings in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock valued at $49,000 after purchasing an additional 290 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.