Devon Energy Co. (NYSE:DVN) Expected to Earn Q3 2024 Earnings of $1.25 Per Share

Devon Energy Co. (NYSE:DVN) – Analysts at Capital One Financial decreased their Q3 2024 earnings per share (EPS) estimates for shares of Devon Energy in a research report issued on Friday, August 16th. Capital One Financial analyst P. Johnston now anticipates that the energy company will post earnings per share of $1.25 for the quarter, down from their prior estimate of $1.32. The consensus estimate for Devon Energy’s current full-year earnings is $5.40 per share. Capital One Financial also issued estimates for Devon Energy’s Q4 2024 earnings at $1.53 EPS, FY2024 earnings at $5.34 EPS, Q1 2025 earnings at $1.44 EPS, Q2 2025 earnings at $1.56 EPS, Q3 2025 earnings at $1.63 EPS, Q4 2025 earnings at $1.69 EPS, FY2025 earnings at $6.33 EPS and FY2026 earnings at $6.15 EPS.

Several other equities research analysts have also weighed in on DVN. JPMorgan Chase & Co. lifted their price target on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 8th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Truist Financial dropped their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Sanford C. Bernstein dropped their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Finally, Wells Fargo & Company dropped their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.75.

Devon Energy Trading Down 2.5 %

NYSE DVN opened at $44.04 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. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09. The firm has a market capitalization of $27.83 billion, a PE ratio of 8.40, a P/E/G ratio of 0.75 and a beta of 2.07. The stock’s 50 day moving average is $46.06 and its 200 day moving average is $47.45.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the company posted $1.18 earnings per share. The firm’s revenue was up 13.4% on a year-over-year basis.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Trading of Devon Energy

A number of hedge funds have recently bought and sold shares of DVN. Daiwa Securities Group Inc. increased its position in Devon Energy by 8.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 58,183 shares of the energy company’s stock valued at $2,636,000 after acquiring an additional 4,461 shares during the last quarter. Federated Hermes Inc. increased its position in Devon Energy by 186.2% during the fourth quarter. Federated Hermes Inc. now owns 198,608 shares of the energy company’s stock valued at $8,997,000 after acquiring an additional 129,207 shares during the last quarter. Western Wealth Management LLC increased its position in Devon Energy by 6.1% during the fourth quarter. Western Wealth Management LLC now owns 8,663 shares of the energy company’s stock valued at $392,000 after acquiring an additional 499 shares during the last quarter. abrdn plc increased its position in Devon Energy by 97.5% during the fourth quarter. abrdn plc now owns 312,685 shares of the energy company’s stock valued at $14,165,000 after acquiring an additional 154,351 shares during the last quarter. Finally, Lindbrook Capital LLC grew its holdings in Devon Energy by 60.3% during the fourth quarter. Lindbrook Capital LLC now owns 3,072 shares of the energy company’s stock valued at $139,000 after purchasing an additional 1,156 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.