Brokers Set Expectations for Devon Energy Co.'s Q2 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN - Free Report) - Zacks Research boosted their Q2 2024 earnings per share (EPS) estimates for Devon Energy in a report released on Wednesday, May 15th. Zacks Research analyst J. Saha now forecasts that the energy company will earn $1.31 per share for the quarter, up from their previous forecast of $1.21. The consensus estimate for Devon Energy's current full-year earnings is $5.24 per share. Zacks Research also issued estimates for Devon Energy's Q3 2024 earnings at $1.37 EPS, Q4 2024 earnings at $1.37 EPS, FY2024 earnings at $5.21 EPS, Q1 2025 earnings at $1.34 EPS and Q2 2025 earnings at $1.36 EPS.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business's quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 earnings per share.

DVN has been the topic of a number of other reports. Piper Sandler lifted their price target on Devon Energy from $60.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday. Wells Fargo & Company upgraded shares of Devon Energy from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Susquehanna boosted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a "positive" rating in a report on Monday, April 22nd. StockNews.com upgraded shares of Devon Energy from a "hold" rating to a "buy" rating in a research report on Friday, May 3rd. Finally, Citigroup upped their price target on Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.83.

Devon Energy Stock Performance

DVN traded down $0.47 during trading on Thursday, reaching $49.24. The company's stock had a trading volume of 5,289,043 shares, compared to its average volume of 7,655,770. The company has a market capitalization of $31.12 billion, a price-to-earnings ratio of 9.40 and a beta of 2.15. The company's fifty day moving average price is $50.63 and its 200-day moving average price is $46.43. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Salem Investment Counselors Inc. raised its holdings in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company's stock valued at $42,000 after buying an additional 199 shares during the period. Retirement Group LLC lifted its holdings in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company's stock valued at $56,000 after acquiring an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company's stock worth $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC increased its holdings in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company's stock valued at $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Cornerstone Wealth Management LLC lifted its stake in shares of Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company's stock worth $550,000 after purchasing an additional 218 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company's stock, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.63% of the company's stock.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.79%. Devon Energy's dividend payout ratio (DPR) is presently 16.79%.

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.