Devon Energy Co. (NYSE:DVN - Free Report) - Investment analysts at Zacks Research decreased their FY2024 earnings estimates for Devon Energy in a report issued on Tuesday, November 19th. Zacks Research analyst J. Saha now expects that the energy company will earn $4.72 per share for the year, down from their prior estimate of $4.84. The consensus estimate for Devon Energy's current full-year earnings is $4.81 per share. Zacks Research also issued estimates for Devon Energy's Q4 2024 earnings at $1.05 EPS, Q3 2025 earnings at $1.16 EPS, Q2 2026 earnings at $1.06 EPS and Q3 2026 earnings at $1.08 EPS.
Other research analysts have also issued research reports about the company. Scotiabank cut their price target on Devon Energy from $60.00 to $48.00 and set a "sector outperform" rating on the stock in a research report on Thursday, October 10th. Susquehanna lowered their price objective on Devon Energy from $63.00 to $62.00 and set a "positive" rating on the stock in a report on Friday, October 18th. Mizuho lowered their price target on shares of Devon Energy from $53.00 to $51.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 9th. Evercore ISI lowered their price target on Devon Energy from $55.00 to $50.00 and set an "in-line" rating on the stock in a report on Monday, September 30th. Finally, TD Cowen dropped their target price on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $51.85.
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Devon Energy Price Performance
Shares of NYSE:DVN opened at $38.30 on Thursday. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. 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 firm has a market capitalization of $25.16 billion, a P/E ratio of 7.11, a P/E/G ratio of 1.20 and a beta of 2.03. The company's fifty day moving average price is $39.96 and its 200 day moving average price is $44.11.
Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy's quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $1.65 earnings per share.
Institutional Investors Weigh In On Devon Energy
Institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at $7,468,000. Fortem Financial Group LLC acquired a new position in Devon Energy in the third quarter valued at $583,000. Coldstream Capital Management Inc. boosted its holdings in Devon Energy by 6.5% in the third quarter. Coldstream Capital Management Inc. now owns 18,978 shares of the energy company's stock valued at $742,000 after acquiring an additional 1,162 shares during the last quarter. First Dallas Securities Inc. grew its position in Devon Energy by 183.3% during the third quarter. First Dallas Securities Inc. now owns 39,955 shares of the energy company's stock valued at $1,563,000 after acquiring an additional 25,854 shares during the period. Finally, Geode Capital Management LLC increased its stake in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock worth $619,747,000 after acquiring an additional 206,884 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.30%. Devon Energy's payout ratio is currently 16.33%.
About Devon Energy
(
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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.
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