Zacks Research Comments on Devon Energy Co.’s Q3 2024 Earnings (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) – Investment analysts at Zacks Research upped their Q3 2024 earnings per share (EPS) estimates for shares of Devon Energy in a report issued on Wednesday, July 31st. Zacks Research analyst J. Saha now expects that the energy company will earn $1.37 per share for the quarter, up from their previous forecast of $1.33. The consensus estimate for Devon Energy’s current full-year earnings is $5.40 per share. Zacks Research also issued estimates for Devon Energy’s FY2024 earnings at $5.26 EPS and Q1 2025 earnings at $1.34 EPS.

DVN has been the topic of several other research reports. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, July 8th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. Sanford C. Bernstein reduced their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Morgan Stanley upped their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Finally, BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.13.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $41.98 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 stock has a market capitalization of $26.53 billion, a PE ratio of 8.01, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. The firm’s 50 day moving average price is $46.55 and its 200-day moving average price is $47.26. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09.

Institutional Trading of Devon Energy

A number of hedge funds have recently bought and sold shares of the stock. Trust Point Inc. bought a new stake in Devon Energy during the fourth quarter valued at about $236,000. Asset Management One Co. Ltd. boosted its holdings in shares of Devon Energy by 0.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 256,472 shares of the energy company’s stock valued at $11,736,000 after buying an additional 2,320 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Devon Energy by 3,885.4% in the 4th 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 last quarter. Sowell Financial Services LLC raised its stake in shares of Devon Energy by 7.2% during the 4th quarter. Sowell Financial Services LLC now owns 40,885 shares of the energy company’s stock worth $1,852,000 after acquiring an additional 2,738 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in Devon Energy by 39.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after acquiring an additional 55,459 shares during the last quarter. 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.