Capital One Financial Brokers Increase Earnings Estimates for Devon Energy Co. (NYSE:DVN)

Devon Energy Co. (NYSE:DVN - Free Report) - Stock analysts at Capital One Financial upped their Q3 2024 EPS estimates for Devon Energy in a research note issued on Wednesday, October 9th. Capital One Financial analyst P. Johnston now forecasts that the energy company will post earnings of $1.05 per share for the quarter, up from their prior estimate of $1.03. The consensus estimate for Devon Energy's current full-year earnings is $5.01 per share. Capital One Financial also issued estimates for Devon Energy's Q4 2024 earnings at $1.13 EPS, FY2024 earnings at $4.74 EPS, Q2 2025 earnings at $1.10 EPS, FY2025 earnings at $4.45 EPS and FY2026 earnings at $5.07 EPS.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business's revenue for the quarter was up 13.4% on a year-over-year basis. During the same period last year, the firm posted $1.18 earnings per share.

Other equities research analysts have also recently issued research reports about the company. Evercore ISI decreased their price target on Devon Energy from $55.00 to $50.00 and set an "in-line" rating for the company in a research note on Monday, September 30th. Wolfe Research began coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a "peer perform" rating for the company. UBS Group dropped their price target on shares of Devon Energy from $53.00 to $47.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 18th. Truist Financial decreased their price objective on shares of Devon Energy from $60.00 to $49.00 and set a "buy" rating for the company in a research report on Monday, September 30th. Finally, Jefferies Financial Group started coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a "hold" rating and a $45.00 price target on the stock. Eight analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $52.63.

Devon Energy Trading Down 0.2 %

Shares of Devon Energy stock traded down $0.07 during trading on Monday, hitting $42.89. The company's stock had a trading volume of 5,855,759 shares, compared to its average volume of 7,278,991. The stock has a market cap of $27.11 billion, a price-to-earnings ratio of 8.18, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The stock has a 50-day moving average price of $42.37 and a two-hundred day moving average price of $46.58.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy during the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy in the first quarter valued at about $30,000. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy during the second quarter valued at about $34,000. PSI Advisors LLC boosted its holdings in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company's stock worth $36,000 after purchasing an additional 300 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in Devon Energy in the 1st quarter worth about $39,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.05%. Devon Energy's dividend payout ratio is presently 16.79%.

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.