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

Devon Energy Co. (NYSE:DVN) – Analysts at Capital One Financial boosted their Q3 2024 EPS estimates for Devon Energy in a note issued to investors on Wednesday, July 3rd. Capital One Financial analyst P. Johnston now anticipates that the energy company will earn $1.35 per share for the quarter, up from their prior estimate of $1.33. The consensus estimate for Devon Energy’s current full-year earnings is $5.25 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.36 EPS, FY2024 earnings at $5.10 EPS, Q1 2025 earnings at $1.25 EPS, Q2 2025 earnings at $1.30 EPS, Q3 2025 earnings at $1.35 EPS, Q4 2025 earnings at $1.39 EPS and FY2025 earnings at $5.29 EPS.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS.

Several other equities research analysts have also recently commented on DVN. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Stifel Nicolaus lifted their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Tuesday. UBS Group raised their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Finally, Barclays started coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.41.

Devon Energy Stock Performance

NYSE:DVN opened at $46.05 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm’s fifty day simple moving average is $48.03 and its 200 day simple moving average is $47.03. The stock has a market cap of $29.10 billion, a P/E ratio of 8.79, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Insider Buying and Selling

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of DVN. Pacer Advisors Inc. raised its holdings in Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. Vanguard Group Inc. increased its position in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Morgan Stanley raised its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the period. International Assets Investment Management LLC lifted its position in shares of Devon Energy by 3,885.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after buying an additional 1,652,671 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after acquiring an additional 1,488,374 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.