Devon Energy Co. Expected to Post Q3 2024 Earnings of $1.34 Per Share (NYSE:DVN)

Devon Energy Co. (NYSE:DVN - Free Report) - Stock analysts at Zacks Research lowered their Q3 2024 earnings per share (EPS) estimates for Devon Energy in a research note issued to investors on Tuesday, August 20th. Zacks Research analyst J. Saha now anticipates that the energy company will post earnings of $1.34 per share for the quarter, down from their prior estimate of $1.37. The consensus estimate for Devon Energy's current full-year earnings is $5.40 per share.

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

DVN has been the topic of several other reports. Susquehanna reissued a "positive" rating and set a $65.00 price objective on shares of Devon Energy in a research note on Tuesday, July 9th. Bank of America reissued a "buy" rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Morgan Stanley boosted their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 9th. Piper Sandler cut their target price on Devon Energy from $65.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 15th. Finally, BMO Capital Markets upgraded Devon Energy to a "strong-buy" rating in a report on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $58.75.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $1.03 during mid-day trading on Friday, reaching $44.70. The stock had a trading volume of 4,263,919 shares, compared to its average volume of 7,167,934. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a market cap of $28.25 billion, a P/E ratio of 8.48, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The business's 50 day moving average price is $45.96 and its 200 day moving average price is $47.40.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy's payout ratio is 16.79%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Triad Wealth Partners LLC purchased a new stake in Devon Energy in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the 1st quarter worth $30,000. Manchester Capital Management LLC acquired a new position in Devon Energy in the fourth quarter valued at $28,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy during the second quarter valued at about $34,000. Finally, Jones Financial Companies Lllp increased its stake in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock worth $33,000 after acquiring an additional 374 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.