Capital One Financial Forecasts Devon Energy FY2024 Earnings

Devon Energy Co. (NYSE:DVN - Free Report) - Research analysts at Capital One Financial decreased their FY2024 earnings per share estimates for Devon Energy in a research report issued 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.

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

Several other equities research analysts also recently weighed in on DVN. Piper Sandler reduced their price target on Devon Energy from $57.00 to $56.00 and set an "overweight" rating on the stock in a report on Tuesday, October 15th. Jefferies Financial Group initiated coverage on Devon Energy in a research report on Thursday, October 3rd. They set a "hold" rating and a $45.00 target price for the company. Wolfe Research began coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a "peer perform" rating on the stock. StockNews.com lowered shares of Devon Energy from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, Sanford C. Bernstein dropped their target price on shares of Devon Energy from $48.00 to $43.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of "Hold" and an average price target of $51.80.

Devon Energy Trading Down 0.2 %

Shares of DVN stock traded down $0.06 during trading hours on Thursday, reaching $39.05. 2,333,886 shares of the stock were exchanged, compared to its average volume of 7,422,193. 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 has a 12-month low of $37.76 and a 12-month high of $55.09. The firm has a market capitalization of $25.65 billion, a price-to-earnings ratio of 7.28, a price-to-earnings-growth ratio of 1.19 and a beta of 2.03. The company's 50-day moving average price is $40.20 and its 200-day moving average price is $44.55.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, December 13th. Devon Energy's payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. raised its holdings in shares of Devon Energy by 4.5% in the third quarter. Rockefeller Capital Management L.P. now owns 299,798 shares of the energy company's stock worth $11,733,000 after buying an additional 12,924 shares during the last quarter. Martingale Asset Management L P acquired a new position in shares of Devon Energy in the 3rd quarter valued at $336,000. Vinva Investment Management Ltd raised its stake in Devon Energy by 481.2% in the 3rd quarter. Vinva Investment Management Ltd now owns 280,180 shares of the energy company's stock worth $10,937,000 after acquiring an additional 231,970 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Devon Energy by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,793,610 shares of the energy company's stock worth $265,766,000 after acquiring an additional 70,848 shares during the period. Finally, Fiduciary Trust Co grew its stake in Devon Energy by 3.1% during the 3rd quarter. Fiduciary Trust Co now owns 11,074 shares of the energy company's stock valued at $433,000 after purchasing an additional 329 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

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.