Devon Energy FY2024 EPS Forecast Raised by Zacks Research

Devon Energy Co. (NYSE:DVN - Free Report) - Stock analysts at Zacks Research raised their FY2024 earnings estimates for Devon Energy in a report released on Wednesday, January 15th. Zacks Research analyst J. Saha now forecasts that the energy company will earn $4.73 per share for the year, up from their prior estimate of $4.72. The consensus estimate for Devon Energy's current full-year earnings is $4.72 per share. Zacks Research also issued estimates for Devon Energy's Q4 2024 earnings at $1.06 EPS, Q1 2025 earnings at $1.16 EPS, Q2 2025 earnings at $1.11 EPS, Q4 2025 earnings at $1.04 EPS, FY2025 earnings at $4.47 EPS, Q1 2026 earnings at $0.99 EPS, Q2 2026 earnings at $1.17 EPS, Q3 2026 earnings at $1.06 EPS, Q4 2026 earnings at $0.95 EPS and FY2026 earnings at $4.16 EPS.

A number of other brokerages have also weighed in on DVN. JPMorgan Chase & Co. lowered Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price objective on the stock. in a report on Thursday, December 5th. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an "outperform" rating on the stock in a research note on Friday, October 4th. Sanford C. Bernstein raised shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a research note on Wednesday. Barclays lowered their price objective on Devon Energy from $55.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Finally, Susquehanna dropped their price objective on Devon Energy from $63.00 to $62.00 and set a "positive" rating for the company in a research note on Friday, October 18th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $49.27.

Devon Energy Price Performance

Shares of NYSE DVN traded down $0.44 during midday trading on Friday, hitting $37.98. The stock had a trading volume of 9,342,292 shares, compared to its average volume of 11,142,604. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a market capitalization of $24.95 billion, a PE ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00. The stock has a 50 day simple moving average of $35.50 and a 200-day simple moving average of $40.39.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DVN. Geode Capital Management LLC boosted its holdings in Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock valued at $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy in the 3rd quarter valued at $461,857,000. Pacer Advisors Inc. grew its position in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock valued at $453,446,000 after buying an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. raised its stake in Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company's stock worth $390,079,000 after acquiring an additional 361,968 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. Devon Energy's dividend payout ratio is currently 16.33%.

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.