Devon Energy Co. (NYSE:DVN) to Post Q2 2024 Earnings of $1.26 Per Share, Capital One Financial Forecasts

Devon Energy Co. (NYSE:DVN) – Research analysts at Capital One Financial raised their Q2 2024 earnings estimates for shares of Devon Energy in a research note issued to investors on Wednesday, July 10th. Capital One Financial analyst P. Johnston now forecasts that the energy company will earn $1.26 per share for the quarter, up from their previous estimate of $1.24. The consensus estimate for Devon Energy’s current full-year earnings is $5.35 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.52 EPS, FY2024 earnings at $5.26 EPS, Q1 2025 earnings at $1.43 EPS and Q2 2025 earnings at $1.52 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. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the firm posted $1.46 earnings per share. The company’s revenue was down 5.9% compared to the same quarter last year.

A number of other equities analysts have also recently commented on DVN. JPMorgan Chase & Co. increased their target price on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Truist Financial reduced their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Stifel Nicolaus boosted their target price on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Stock Up 0.2 %

Shares of NYSE DVN opened at $46.50 on Thursday. Devon Energy has a 52-week low of $40.47 and a 52-week high of $55.09. 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 company’s 50-day simple moving average is $47.78 and its 200-day simple moving average is $47.02. The firm has a market cap of $29.38 billion, a price-to-earnings ratio of 8.87, a price-to-earnings-growth ratio of 1.19 and a beta of 2.07.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’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 sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of DVN. Pacer Advisors Inc. increased its position in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after buying an additional 5,700,167 shares during the period. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Finally, Raymond James & Associates increased its position in Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after acquiring an additional 736,449 shares during the period. 69.72% of the stock is 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.