FY2024 EPS Estimates for Devon Energy Lowered by Scotiabank

Devon Energy Co. (NYSE:DVN - Free Report) - Analysts at Scotiabank dropped their FY2024 earnings per share estimates for Devon Energy in a report released on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the energy company will post earnings per share of $4.70 for the year, down from their prior estimate of $5.55. Scotiabank currently has a "Sector Outperform" rating and a $48.00 target price on the stock. The consensus estimate for Devon Energy's current full-year earnings is $4.79 per share. Scotiabank also issued estimates for Devon Energy's FY2025 earnings at $4.20 EPS.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.65 EPS.

DVN has been the subject of a number of other research reports. Piper Sandler dropped their target price on shares of Devon Energy from $57.00 to $53.00 and set an "overweight" rating for the company in a report on Tuesday, December 17th. Evercore ISI cut their target price on shares of Devon Energy from $55.00 to $50.00 and set an "in-line" rating on the stock in a research report on Monday, September 30th. Morgan Stanley lowered their price target on shares of Devon Energy from $55.00 to $51.00 and set an "overweight" rating for the company in a report on Monday, September 16th. Raymond James cut their price objective on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, Wolfe Research raised Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price for the company in a report on Friday, January 3rd. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.43.

Devon Energy Price Performance

Devon Energy stock traded up $0.85 during trading hours on Monday, reaching $36.84. 12,186,464 shares of the stock were exchanged, compared to its average volume of 11,430,712. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a market cap of $24.20 billion, a P/E ratio of 6.83, a price-to-earnings-growth ratio of 1.07 and a beta of 1.99. The stock has a 50 day moving average of $35.62 and a two-hundred day moving average of $40.56.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy's payout ratio is 16.33%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter worth $35,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at $39,000. True Wealth Design LLC raised its stake in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its holdings in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock worth $49,000 after buying an additional 290 shares during the last quarter. Finally, Activest Wealth Management grew its position in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock valued at $50,000 after buying an additional 480 shares during the period. 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.