Q3 2024 Earnings Forecast for Devon Energy Co. (NYSE:DVN) Issued By Capital One Financial

Devon Energy Co. (NYSE:DVN - Free Report) - Investment analysts at Capital One Financial cut their Q3 2024 earnings per share (EPS) estimates for shares of Devon Energy in a research note issued on Friday, August 16th. Capital One Financial analyst P. Johnston now forecasts that the energy company will earn $1.25 per share for the quarter, down from their prior forecast of $1.32. The consensus estimate for Devon Energy's current full-year earnings is $5.40 per share. Capital One Financial also issued estimates for Devon Energy's Q4 2024 earnings at $1.53 EPS, FY2024 earnings at $5.34 EPS, Q1 2025 earnings at $1.44 EPS, Q2 2025 earnings at $1.56 EPS, Q3 2025 earnings at $1.63 EPS, Q4 2025 earnings at $1.69 EPS, FY2025 earnings at $6.33 EPS and FY2026 earnings at $6.15 EPS.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.92 billion for the quarter, compared to analysts' expectations of $3.90 billion. During the same quarter in the prior year, the firm earned $1.18 EPS. The business's revenue for the quarter was up 13.4% compared to the same quarter last year.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. increased their price objective on Devon Energy from $62.00 to $64.00 and gave the stock an "overweight" rating in a report on Monday, July 8th. Truist Financial dropped their price objective on Devon Energy from $67.00 to $64.00 and set a "buy" rating on the stock in a report on Tuesday, July 9th. Morgan Stanley raised their price target on Devon Energy from $52.00 to $54.00 and gave the company an "overweight" rating in a report on Tuesday, July 9th. Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, April 23rd. Finally, Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They issued a "peer perform" rating on the stock. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of "Moderate Buy" and an average price target of $58.75.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.09 during trading on Monday, reaching $45.18. 5,064,216 shares of the stock traded hands, compared to its average volume of 7,221,710. 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 current ratio of 1.04 and a quick ratio of 0.97. The company has a 50-day moving average of $46.13 and a 200-day moving average of $47.43. The stock has a market capitalization of $28.55 billion, a P/E ratio of 8.62, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.95%. The ex-dividend date is Friday, September 13th. Devon Energy's dividend payout ratio (DPR) is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Triad Wealth Partners LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $27,000. Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the 4th quarter valued at approximately $28,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the 1st quarter valued at approximately $30,000. Jones Financial Companies Lllp lifted its stake in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock valued at $33,000 after purchasing an additional 374 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

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.